Home BusinessRegional rural banks prepare roadmap for core banking
The Regional Rural Banks (RRBs) in Orissa, in association with the nationalized banks sponsoring them, have prepared the road map for implementation of 100 per cent Core Banking Solutions (CBS) before the stipulated time period fixed by the Reserve Bank of India (RBI).
- RRBs to get farm debt waiver funds from govt by mid-2010 - Four regional rural banks record growth in net profit - FM to meet RRB chiefs tomorrow to review performance - Rural housing fund corpus doubled to Rs 2,000 crore - Agriculture credit may reach Rs 2.50 lakh cr in 2008-09 - Banks waive Rs 438 cr in debt-stressed districts
RBI has directed all the RRBs across the country to be fully CBS compliant by September 2011.
All the five RRBs in the state have started work on their IT-systems on a war-footing to implement the CBS in line with the RBI guidelines. The nationalised banks sponsoring these RRBs have extended their help and taken active interest in guiding them on IT upgradation.
The cost-sharing of the project is yet to be decided between the RRBs and the nationalized banks even though several nationalized banks are willing to bear the entire cost of the project, said C Doraswamy, chairman, Rushikulya Gramya Bank (RGB). “Andhra Bank has appointed a nodal officer to oversee the implementation of 100 per cent CBS in Rushikulya Gramya Bank operating in Ganjam and Gajapati districts”, he said. Andhra Bank expects to bring one RGB branch to CBS platform on a pilot basis before the end of the current financial year and all branches in the first three to four months of the next fiscal, he said.
RGB has 80 branches and plans to add 5 more branches during the current fiscal.
UGB, sponsored by SBI, has 333 branches and the bank has no plan to open any new branch during the current year, Das said.