State run Punjab National Bank on Thursday said it has implemented its core banking delivery solution across all its 4,604 branches in the country to offer round the clock services to customers apart from seamless access to its network of ATMs and Internet banking.
"The challenges of the financial sector can be met with the total connectivity and the centralisation of the banking operations,” said K C Chakrabarty, the bank's chairman and managing director.
“Vast majority of our population is still denied easy access to banking, and technology driven financial inclusion initiatives will bridge the gap,” he told a press conference in New Delhi, announcing the milestone for the bank.
“The core banking solution offers seamless platform for integrating various such initiatives and also reduces the cost of transaction, thereby offering financial products at an affordable cost.”
Although he did not disclose the investment into the system, Chakrabarty said it was less than the bank's third quarter profits, which was Rs 10.05 billion. The recurring annual cost will be Rs 1 billion, he added.
"The anywhere, anytime facility will enable the bank to offer products for every segment of customers."
The bank's core banking operations are based on solutions from Infosys Technologies, infrastructure from Sun Microsystems and the database from Oracle Database to help it achieve automation, centralise operations and standardise branch processes.
Set up in 1895, Punjab National Bank is one of India's largest such institutions with a network of 4,604 branches, including its 249 extension counters at 2,557 locations, and four foreign offices.