Andhra Pradesh COB live with Polaris CBS

CHENNAI, INDIA: The Andhra Pradesh State Cooperative Bank Limited (APCOB) has gone live with Polaris' Intellect Core Banking Solution (CBS) in all its 22 affiliated District Central Cooperative Banks (DCCBs) spread across the state. APCOB chose Polaris Financial Technology Ltd to implement its multi-entity Core Banking Solution.

Intellect's multi-entity CBS has been deployed in a centralized data centre in Hyderabad and can be accessed by all the 560 branches and 22 head offices of the bank. As a press release adds, Intellect CBS's deployment will provide comprehensive on-lending software integrating the DCCBs operations with 2748 Primary Agricultural Credit Co-Operative Societies (PACS) in Andhra Pradesh. The solution with shared infrastructure costs will reduce the total cost of ownership significantly.

Intellect CBS is claimed to further enable DCCBs to generate independent reports and at the same time give APCOB the ease of generating a consolidated report whenever required. The solution is also said to enable the DCCBs to expand their branch network with ease and cover even in the remotest of places in their area of operation. This multi-entity deployment with facilities for online integration with PACS will be the first of its kind implementation in India.

K Srinivasan, EVP & Geography Head, Indian Subcontinent, Middle East and Africa (IMEA), Polaris Financial Technology Ltd said, "We are extremely happy that APCOB, a leading apex co-operative bank has gone live with Polaris' multi-entity core banking solution. Polaris' implementation for APCOB will provide a multi-entity reporting structure via a single / central system, de-centralized operations, treasury operations, effective monitoring of refinance granted to DCCBs, automated loan processing of agricultural loans, effective early warning system to track potential delinquent loans and statutory reporting requirements.