Punjab National Bank Partners Finacle From Infosys - Dec 11, 2008

Infosys Technologies and Punjab National Bank has announced that PNB, one of the 500 largest banks in the world and the second largest public sector Bank in India, has chosen Finacle from Infosys to power its rural banking, core banking initiative. Infosys shall deploy a tailored version of Finacle core banking solution across PNB's six regional rural banks (RRBs) covering 1300 branches.

Punjab National Bank has taken the lead in business excellence and commitment to customers by providing core banking coverage to its 4850 service outlets. The bank has now decided to extend new age technology benefits to its regional rural banking customers.

Due to remoteness of rural branch locations, there are issues such as connectivity of branches for operational ease, centralization of data, and enhancement of customer service as well as innovation in banking products. Moreover, all this is needed at a substantially lower cost for the RRBs as their operations are relatively less complex.

Finacle from Infosys recognized this need of RRBs and tailored its Industry leading core banking solution to suit the requirements of these institutions. PNB management selected this platform to transform and standardize the operations of its RRBs.

The company made this announcement during the trading hours today, 11 December 2008.