Punjab National Bank Selects Finacle For Rural Banking Transformation

Punjab National Bank (PNB) has chosen Finacle from Infosys to power its core banking initiative for rural banking. Infosys shall deploy Finacle across PNB’s six Regional Rural Banks (RRBs) covering 1,300 branches.

Punjab National Bank has now decided to extend new age technology benefits to its regional rural banking customers. Due to the remoteness of rural branch locations, there are issues such as connectivity of branches for operational ease, centralisation of data, and enhancement of customer service as well as innovation in banking products.

Moreover, all this is needed at a substantially lower cost for RRBs as their operations are relatively less complex. Finacle from Infosys recognised this need of RRBs and adapted its core banking solution to suit the requirements of these institutions. PNB management selected this platform to transform and standardise the operations of its RRBs.

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R I S Sidhu, chief general manager, Punjab National Bank, said, “The key objective of this transformation initiative is to strengthen our RRBs and make them vibrant channels of financial service delivery for the rural sector. By leveraging Finacle’s technology, we aim to standardise operations and offer customers a range of innovative products and services at reduced cost, enabling greater inclusive growth. We are confident that in Finacle and Infosys, we have found a good combination to power this strategic initiative.”

Finacle will enable RRBs to better manage audit processes, adhere to statutory compliance, enhance internal MIS requirements and offer customers competitive services on par with commercial banks. Leveraging Finacle, RRBs will be able to standardise processes and operations on a single platform, providing the bank with a unified view of its rural banking business.

Haragopal M, head - Finacle, Infosys Technologies, said, “In today’s financial environment, accessing the bottom of the pyramid has become a key business as well as social imperative for banks. With increased reach, Regional Rural Banks can become principal vehicles for financial inclusion in the country. We are pleased to partner with Punjab National Bank for this strategic initiative and we look forward to working closely with the bank, as they expand their business and leverage technology to stay ahead in the market.”