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Wipro to drive Canara Bank’s RRB initiative
Wipro has signed a five-year strategic contract to drive Canara Bank’s Regional Rural Bank
(RRB) initiative. The contract is to provide a state-of-the-art, technology-driven, core
banking solution for three of Canara Bank’s sponsored RRB – Pragathi Gramin Bank
(Karnataka), South Malabar Gramin Bank (Kerala) and Shreya Gramin (Uttar Pradesh).
This engagement will help Canara Bank with financial inclusion and bringing low cost and
efficient banking services to rural masses. The core banking project aims to integrate
around 900 branches and offices in a phased manner. This would include branches,
extension counters, service units, head offices, regional offices, training centres, other back
offices, data centres, disaster recovery centres and project office, which would also operate
as the data centre monitoring unit and network operations centre.
Wipro will deliver business-IT alignment by deploying and implementing critical core
banking solution and identified delivery channels. Wipro will also set up a 24-hour
centralised helpdesk facility for project covering applications, data centre, networks,
security and end-user systems. The contract with Canara Bank-sponsored RRBs is the third
in the series of wins for Wipro, related to driving financial inclusion through RRBs. Earlier,
Wipro signed a five-year total outsourcing contract with Central Bank of India for its seven
RRBs and a seven-year total outsourcing contract with five RRBs sponsored by UCO Bank.
This deal would augur well for Wipro to expand its footprint in the rapidly growing banking
and financial services vertical, which currently contributes 27.3% to the company’s
revenue. We maintain our Accumulate view on the stock with a target price of `507.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Wipro to drive Canara Bank’s RRB initiative
Wipro has signed a five-year strategic contract to drive Canara Bank’s Regional Rural Bank
(RRB) initiative. The contract is to provide a state-of-the-art, technology-driven, core
banking solution for three of Canara Bank’s sponsored RRB – Pragathi Gramin Bank
(Karnataka), South Malabar Gramin Bank (Kerala) and Shreya Gramin (Uttar Pradesh).
This engagement will help Canara Bank with financial inclusion and bringing low cost and
efficient banking services to rural masses. The core banking project aims to integrate
around 900 branches and offices in a phased manner. This would include branches,
extension counters, service units, head offices, regional offices, training centres, other back
offices, data centres, disaster recovery centres and project office, which would also operate
as the data centre monitoring unit and network operations centre.
Wipro will deliver business-IT alignment by deploying and implementing critical core
banking solution and identified delivery channels. Wipro will also set up a 24-hour
centralised helpdesk facility for project covering applications, data centre, networks,
security and end-user systems. The contract with Canara Bank-sponsored RRBs is the third
in the series of wins for Wipro, related to driving financial inclusion through RRBs. Earlier,
Wipro signed a five-year total outsourcing contract with Central Bank of India for its seven
RRBs and a seven-year total outsourcing contract with five RRBs sponsored by UCO Bank.
This deal would augur well for Wipro to expand its footprint in the rapidly growing banking
and financial services vertical, which currently contributes 27.3% to the company’s
revenue. We maintain our Accumulate view on the stock with a target price of `507.
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