IT bellwether Wipro Ltd Tuesday said it has deployed its core banking solution in five state-run cooperative banks across five country under the National Bank for Agriculture and Rural Development (Nabard) to offer e-banking facilities to rural customers.
"We have implemented the core banking solution in five cooperative banks of Nabard located in Bihar, Haryana, Maharashtra, Punjab and Uttar Pradesh. The application is hosted on our data centre in Bangalore," Wipro vice-president Anand Sankaran said in a statement here.
As a part of the deal, the global software major will computerise 76 state and district cooperative banks, including 2,790 branches spanning 10 states across the country.
"The solution will benefit rural people as cooperative banks function in remote places where other banks are absent. A farmer will be able to receive e-payments towards subsidy under various government schemes in his account directly," Sankaran said.
Remittance of funds from cities to villages will be easier through cooperative bank branches and rural people will be able to use ATMs, make utility bill payments, and e-payments.
The core banking solution will help cooperative banks expand their reach and improve their volume of business at lower cost of operations by automating and providing a single accounting platform.
The product will also provide access to financial markets and borrowing from state-run institutions such as Nabard, Reserve Bank of India (RBI), Nabard and state coop banks.
"The institutional development initiative will strengthen the rural credit delivery system. The regulatory reforms of the central bank (RBI) will make the banking sector competitive and equip cooperative banks with cost-effective technology to support growth," Sankaran added.