“We will deliver an automated regression test pack to the central bank using its in-house tool (Artemis) for financial services applications. The project management includes test strategy, planning and execution,” Thinksoft chairman Asvini Kumar said in a statement.

The Chennai-based IT firm helps clients reduce software product life cycle costs and deploy `business ready software' within compressed timelines.

“The deal is valued at Rs. 50 million and the testing cycles will be completed in the next 12 months as the RBI is firm on getting the end state quality right. Our test automation framework will help achieve significant savings in test execution effort in a regression testing scenario,” Kumar said.

The central bank commissioned global consulting firm KPMG to help it in selecting an independent testing vendor.

“To align with its IT requirements, the RBI is implementing a centralised core banking solution at all its regional offices encompassing banking and accounting operations,” Kumar pointed out.

The scope of testing will cover automation and integration of operations in all the regional offices of the central bank with departments, including deposit accounts, public accounts and pubic debt office, RTGS (real-time gross settlement), central accounting scheme, national small savings fund, market stabilisation scheme, debt servicing and primary market.

As an independent business assurance and testing specialist, Thinksoft caters to financial sector clients in the Asia-Pacific region, Europe and the US.