Small Banks Turn to Open Source Solutions to Cut Costs

............While the country’s large banks have already invested in corebanking systems, this is an important year for banking technology in India. About a thousand urban co-operative banks are yet to migrate to a core banking system and are likely to choose hosted solutions on a pay-as-you-go basis. As of March, only a third of 1,589 urban co-operative banks that have been told by the central bank to migrate to a core banking system have done so. The rest of the market is up for grabs...........

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