HCL Infosystems bags order from Punjab and Sind Bank

IT firm HCL Infosystems on Wednesday said it has received an order from Punjab and Sind Bank (PSB) to provide smart card-based solutions in over 1,500 villages across the country for an undisclosed amount.

The partnership aims to facilitate the provision of smart card-based technology solutions for financial inclusion, besides engaging and managing business correspondents deployed in unbanked villages allotted to PSB, HCL Infosystems said in a press release. However, the company did not disclose the financial details of the deal.

HCL Infosystems will be providing end-to-end solutions for PSB’s financial inclusion project involving supply of the core banking and enrolment software, installation, operation, maintenance of servers and networking, management and maintenance of hardware and software, delivery and support for banking and financial services to the bank, it added.

“We really appreciate PSB’s vision to make technology accessible to every Indian citizen and we extend our full support to them,” HCL Infosystems Chief Executive Officer Mr Harsh Chitale said.

Apart from technological solution and technical services, it will also involve integration of various technological and functional components, supporting business correspondents to educate, facilitate and deliver financial services to the targeted BPL beneficiaries.

The project will enable UID-based disbursement for various schemes of the Rural Development Department. PSB aims to cover over six lakh customers over a period of three years.