BANGALORE, INDIA: Infosys Technologies Ltd (Infosys) and Punjab National Bank (PNB) today announced that PNB, one of the 500 largest banks in the world and the second largest public sector bank in India, has chosen Finacle from Infosys to power its core banking initiative for rural banking.

Infosys shall deploy Finacle across PNB’s six regional rural banks (RRBs) covering 1300 branches.

Punjab National Bank had taken the lead in business excellence and commitment to customers by providing core banking coverage to its 4850 service outlets. The bank has now decided to extend new age technology benefits to its regional rural banking customers.

RIS.Sidhu, chief general manager, Punjab National Bank, said, "The key objective of this transformation initiative is to strengthen our RRBs and make them vibrant channels of financial service delivery for the rural sector. Leveraging Finacle’s state-of-the-art technology we aim to standardise operations and offer customers a range of innovative products and services at reduced cost, enabling greater inclusive growth. We are confident that in Finacle and Infosys, we have found the best combination to power this strategic initiative."

A majority of Indian banks are already ahead in terms of adoption of new age technology.

Haragopal M, head, Finacle, Infosys Technologies Ltd, "In today’s financial environment accessing the bottom of the pyramid has become a key business as well as social imperative for banks. With increased reach, regional rural banks can become principal vehicles for financial inclusion in the country."