The Hindu Business Line : Syndicate Bank has 1,000 branches under core banking network

GO LIVE WITH FLEXCUBE: (From left) Mr C.P. Swarnkar, CMD, Syndicate Bank; Mr Deepak Ghaisas, CEO, India Operations and CFO , i-flex Solutions; and Mr Inderpreet Thukral, Director, IBM India Pvt Ltd. at a function in Bangalore on Thursday. - G.R.N. Somashekar

Bangalore , Nov. 30

Syndicate Bank has implemented the core banking solution (CBS) in the 1001 branches with Flexcube from i-flex Solutions Ltd.

Announcing the milestone to newspersons here on Thursday, Syndicate Bank's Chairman and Managing Director, Mr C. P Swarankar, said, "Over the next four months, we plan to add another 500 branches to the CBS network." This would allow the bank to extend CBS coverage to 1500 branches by the end of this fiscal year, he added. Once this was complete, he added, close to 90 per cent of Syndicate Bank's branches would be CBS-enabled, he said.

The bank has also leveraged the technology to introduce video conference in all regions. Besides, the bank is now a member of the Reserve Bank of India's pilot project for "Cheque Truncation" allowing for online clearance of outstation cheques. Mr Swarankar said that CBS implementation has allowed the implementation of RTGS (Real Time Gross settlement) in all the CBS-enabled branches.

For the bank's customers the Flexcube-based CBS allowed anywhere, anytime banking enhancing the scope and quality of coverage. He said that the bank also hoped to extend similar banking facilities to customers in the rural regions, including those in remote areas.

IBM is the system integrator for Syndicate bank's CBS. The present CBS platform, based on IBM servers, is equipped to handle more than 2,000 branches in the country.

Mr Swarankar said that as part of financial inclusion, the bank had managed to open 12.86 lakh accounts in 60 days. About 18 cooperative banks have already signed for implementing the solution, Mr Deepak Ghaisas, Chief Executive Officerof i-flex solutions said.

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