Punjab National Bank's Services Now 'Anywhere, Anytime'

State-run Punjab National Bank has implemented its core banking delivery solution across all its 4,604 branches in the country to offer round-the-clock services to customers apart from seamless access to its network of ATMs and Internet banking.

“The challenges of the financial sector can be met with total connectivity and the centralisation of banking operations,” said K C Chakrabarty, the bank’s chairman and managing director.

“A vast majority of our population is still denied easy access to banking, and technology-driven financial inclusion initiatives will bridge the gap,” he said.

“The core banking solution offers a seamless platform for integrating various such initiatives and also reduces the cost per transaction, thereby allowing the offering of financial products at an affordable cost.”

Although he did not disclose the investment into the system, Chakrabarty said it was less than the bank’s third quarter profits, which was Rs 10.05 billion. The recurring annual cost will be Rs 1 billion, he added.

“The anywhere, anytime facility will enable the bank to offer products for every segment of customers.”

The bank’s core banking operations are based on solutions from Infosys Technologies, infrastructure from Sun Microsystems and the database from Oracle Database to help it achieve automation, centralise operations and standardise branch processes. (IANS)