Financial software testing company Thinksoft Global Services has been selected by the Reserve Bank of India (RBI) to test the central bank's centralised Core Banking Solution.
As part of the Rs 5-crore deal, Thinksoft will be responsible for the automation and integration of the banking operations in all regional offices of the Bank.
This deal will also cover departments such as Deposit Accounts Department (DAD), Public Accounts Department (PAD) and Pubic Debt Office (PDO), RTGS, Central Accounting Scheme (CAS), National Small Savings Fund (NSSF), Market Stabilisation Scheme, Open Market Operation (OMO) and Liquidity Adjustment Facility (LAF) among others.
With a view to align its current and future IT requirements, RBI is implementing a centralised core banking solution at all its regional offices.
Former provider
It may be recalled that the RBI had chosen Chennai-based Polaris Software Labs to implement its core banking solutions, intended to integrate its operations across all its departments and offices.
Responding to the development, the Thinksoft scrip was up by 11.25 per cent to close at Rs 41.15 on the Bombay Stock Exchange today.