Ratnakar Bank ties up with Infosys for core banking product

Private sector lender Ratnakar Bank announced a partnership with IT firm Infosys. The bank plans to revamp its products and services by deploying Finacle, a core banking product from Infosys.

The deal will see Ratnakar Bank spend Rs 50 crore on this system over the next five years.

Mr Vishwavir Ahuja, Managing Director and CEO of the bank, said, “The bank has been in the transformation mode for the past 18 months and wants technology to be the core driver for banking. Finacle's in-built CRM (Customer relationship management) will help us connect to customers.”

The business growth of the bank has trebled in the past 18 months, while the employee strength doubled to 1,400, Mr. Ahuja added. The bank's branch network increased from 80 to 150 in the past two years and the bank aims to add about 50 more. “Till last year, we had no ATM presence and currently outsource about 60. We plan to add 150 by 2013,” Mr Ahuja said. The bank had also launched its debit cards recently.

beena.parmar@thehindu.co.in