Polaris Software Lab Limited today said that group firm Laser Soft has been manadated by Andhra Pradesh State Cooperative Bank Limited to implement core banking solution (CBS) in all its 22 district central cooperative banks spread across the state.
The proposed implementation will be executed through a multi entity CBS rebranded as Intellect Core Banking Solution, with centralised deployment at Hyderabad being used by 569 branches and 22 head offices of the district central cooperative banks.
According to S Ramarao, chief general manager, Andhra Pradesh State Cooperative Bank, the cost of the implementation works out to Rs11,000 per month per branch or less than Rs2 per account per branch per month for a five-year period.
"This cost effective model will facilitate easy transaction between customers of each of these banks across the other district central cooperative banks, as if it were one bank without any re-conciliation issues." Polaris said in a statement.
The new core banking solution will go live across all district central cooperative banks under Andhra Pradesh State Cooperative Bank within this financial year.
Andhra Pradesh State Cooperative Bank wanted a core banking solution on a multi-entity concept to centralise its systems and at the same time let all the district central cooperative banks work as independent units.