India’s largest public sector bank, the Punjab National Bank is to deploy the Infosys banking platform as part of an ambitious new generation IT backbone.
The bank will work with Infosys as its strategic IT partner and deploy its solutions to cover 500 branches within the next three years. The next phase of this plan will see another 1000 branches being brought under the ambit of this IT backbone.
The web-enabled new generation core banking solution Finacle will handle retail and trade finance requirements. BankAway will enable customers to transact business through the Internet.
About Punjab National Bank
Punjab National Bank is the largest public sector bank and the second-largest bank in India. The corporate office is in New Delhi with 12 zonal offices, which in turn supervise 66 regional offices under which the branches function.
With 3,881 branches, the bank was ranked 515 among the biggest banks in the world by Bankers’ Almanac London (January 2000). In fact, it is the only bank that has 365 ISO certified offices in India.
About Infosys Technologies Ltd
Infosys has partnered with several Fortune 1000 companies, providing a wide range of services for technology driven business transformation initiatives. These services include eStrategy consulting and solutions, large application development and enterprise integration services.
Infosys’ US headquarters is located in Fremont, California; the company also maintains offices throughout the US, Europe and Asia.