Infosys Targeting Rural Banks With Core Banking Solution

Software major Infosys Technologies, which offers its core banking solution under the brand 'Finacle', is targeting regional rural banks to achieve higher growth, a top company official said in a recent statement.

"There are over 90 rural banks in India. We have a solution called 'The Finacle Bank in a Box' for this segment," said Haragopal Mangipudi, vice-president and business head of Finacle.

On the market potential, he said, "The expenditure that each rural bank would have to make would depend on its existing level of automation. We are in talks with several rural banks for business."

Mangipudi added that the IT service providers would benefit a great deal if more people from rural areas were included in the banking services, and Infosys has formulated policies to help banks in this regard.

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"We have developed a platform called Finacle Financial Inclusion, and are in talks with several banks," he said.

"The solution will be deployed by a third party, who will do the banking transaction on behalf of different banks as the model is expected to be cost-effective," he said.

If millions of people are made to open bank accounts under financial inclusion scheme, the revenues of software companies would see a dramatic boost, Mangipudi said.

He added that the core banking solution companies would not see any drastic fall in revenues due to the financial crisis. (IANS)