CHENNAI: The Reserve Bank of India (RBI) has chosen Chennai-based Polaris Software Lab to implement its core banking solutions, intended to integrate its operations across all its departments and offices. The RBI has 22 regional offices, most of them in state capitals. A Polaris spokesperson confirmed the deal but refused to divulge information on the deal size or value. Sources close to the development told ET that Polaris bagged the deal amid competition from the likes of TCS, Infosys and IBM. It would be a 10-year deal. According to a notice posted in the RBI Website, the project would be implemented in various phases, starting with an understanding of the bank's existing processes, systems, solutions and infrastructure. Based on this, Polaris would customise and implement the core banking solutions. Polaris has strong roots in the banking space. It has developed over the years its own product, the Intellect Suite. To gain greater market share, Polaris acquired Laser Soft Infosystems in 2009. This deal gave Polaris access to 40 accounts in India for cross-selling Intellect products. When Polaris announced its third quarter results in January this year, the company's founder, chairman and CEO Arun Jain said, "The Intellect suite has given us the opportunity to tap market potential in 60 countries worldwide, and 8 out of 10 top global banks use our product."
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Tuesday, April 12, 2011
Phishy website of RBI
VITALINFO has come across the following phishy link in the name of RBI:-
Please bring this to the notice of all RBIeties.
Draft guidelines on new banking licences by month-end
The finance ministry today said the draft guidelines on new banking licence with provisions to allow entry of corporates would be finalised by month-end. The draft guidelines should be finalised by the end of this month, Financial Services Secretary SK Sharma told reporters on the sidelines of Ficci National Conference on Insurance. "This was to be (released by) March 31, but we are taking some more time because there are some issues we are still considering," he said. Asked if the draft guidelines would have any mention of industrial houses, he said, "it would be general...It will not be ruled out (corporate houses getting banking licence) also. RBI will have decision as per the guideline." In the Union Budget for FY11, it was announced that the Reserve Bank of India would consider giving traditional banking licenses to private sector players. Following the announcement made by the Finance Minister Pranab Mukherjee, the Reserve Bank had brought out a discussion paper in August, 2010, on giving out new banking licences to business houses and non-banking finance companies, besides regulations for the same to foster greater competition. On new LIC Chairman issue, Sharma said, the government has taken no decision. However, there were reports that DK Malhotra, the existing Managing Director of LIC, is going to replace Chairman TS Vijayan who will be completing his five year term in May 2011. Vijayan (58) still has 2 years of residual service. Extension of the term can be provided by the government. Earlier this month, Union Bank of India Chairman and Managing Director MV Nair was given extension of three months by the Appointment Committee of the Cabinet (ACC) headed by Prime Minister Manmohan Singh. As per the existing government rule, a Chairman and Managing Director or a Director is appointed in the public sector entity for a period of five years or up to age of 60, whichever is earlier.
INDIA’S PAYMENT GATEWAY TO BE LINKED TO UID NUMBERS
The move will allow customers to use their 12-digit Aadhar numbers and fingerprints as banking passwords. The National Payments Corp. of India (NPCI) plans to link Rupay, its soon-to-be-launched domestic payment gateway on the lines of global gateways such as Visa and MasterCard, with the unique identification programme Aadhaar. The move will allow customers to use their Aadhaar identity - a unique set of 12 numbers that would be issued to all residents of the country - and their fingerprints registered under Aadhaar as their banking password. “Just like a bank gives a gold or a platinum card, Aadhaar Rupay cards will be offered by the banks,” said A.P. Hota, managing director and chief executive officer, NPCI, which is overseeing the Rupay project. The Rupay will be on the lines of China’s UnionPay, which allows domestic transactions to be routed through a national card system. Although China has made it mandatory for all local transactions to be routed through the national card system, it will not be compulsory in India. Rupay is expected to be launched this fiscal. The Reserve Bank of India has already approved the Aadhaar-enabled payment system. “In the second phase, we are also mulling enabling the Aadhaar number to be printed on the card, so that there are no mistakes while punching the 12-digit number,” Hota said. A pilot programme is currently running in Jharkhand with the help of Bank of India, Union Bank of India and ICICI Bank Ltd. “The pilot is restricted to non-financial transactions for the time being. We are fine-tuning the system so it can be ready to handle financial transactions,” Hota said. The payment system and software are in place, said a Bank of India executive, requesting anonymity. “This is a new concept and needs to be recognized and accepted. The challenge for the banks will be to create the necessary infrastructure,” the executive said. It will take time for Aadhaar numbers to reach people, and for the hand-held terminals with biometric readers to be distributed - two measures critical for the project to succeed, he said. The Unique Identification Authority of India (UIDAI) has so far enrolled more than 4.5 million people and targets issuing Aadhaar numbers to 600 million people by 2014. The Aadhaar-enabled Rupay system will also allow correspondents of one bank to offer payment services to customers of another bank, Hota said. The Bank of India official, however, said, such interoperability will take some time. “Interoperability is allowed, but only in theory. There needs to be a payment and settlement system, which defines how participating banks will settle the payments,” the official said. “Till a payment-clearing house is put in place for this micro-payment system, interoperability cannot be implemented.” He said banks will wait until the intra-bank system stabilizes before moving to the inter-bank transactions. “Once more Aadhaar numbers are given, it can be scaled up to a pan-India level.” “Though MasterCard and Visa have already announced their intentions to support Aadhaar-enabled payment system, it will be easier for Rupay to launch it as they can make it a part of their system from the very beginning,” said a government official who is privy to UIDAI’s plans, but did not wish to be named.
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