Reserve Bank of India (RBI) has chosen Polaris Software Lab to implement its Intellect Core Banking System (CBS) across the bank. The end-to-end implementation includes System Integration and maintenance of software for a period of ten years. The deal is valued at $55 million. Further, RBI has appointed KPMG for business process reengineering, package and vendor selection and they will continue to work with the bank until project rollout.
RBI, the country’s Central Banking Institution, wanted to implement a centralized Core banking Solution at all its offices encompassing all banking and accounting operations to align with its current and future IT requirements, including one Generalized Ledger for the bank. There were several functional and business requirements of RBI that are specific to large central banks and substantially different from the Core Banking System in a commercial Bank. Further, security was a major focus area in the CBS implementation, as RBI CBS will be a systemically critical solution in the country’s financial scene. RBI is one of the most complex Central Banks globally managing public debt, collections and payments of a Central Government, State Governments and Union territories.
Intellect CBS for Central Banks would help RBI to have a cross functional and seamless automation and integration of the banking operations in all regional offices of the Bank with departments like Deposit Accounts Department (DAD), Public Accounts Department (PAD) and Pubic Debt Office (PDO). Intellect CBS will bring technologies like Run Time Reuse (RTR), Look Ahead Processing (LAP), Back Ground Processing (BGP) and Transaction Splitting to ensure extremely high scalability and highest levels of performance in both OLTP operations and batch operations like EOD.
Polaris Software Lab is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, Intellect GUB M180. Intellect is the first pure play SOA based application suite for Retail, Corporate, Investment banking and Insurance.