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Polaris to implement RBI's core-banking soln

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CIOL Bureau
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CHENNAI, INDIA: The Reserve Bank of India (RBI) has chosen Chennai-based Polaris Software Lab to implement its core banking solutions, intended to integrate its operations across all its departments and offices.

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A Polaris spokesperson confirmed the deal but refused to divulge information on the deal size or value, according to a news report by The Economic Times.

The reports said that Polaris bagged the deal amid competition from the likes of TCS, Infosys and IBM. It would be a 10-year deal.

According to a notice posted in the RBI Website, the project would be implemented in various phases, starting with an understanding of the bank's existing processes, systems, solutions and infrastructure. Based on this, Polaris would customise and implement the core banking solutions.

Polaris has strong roots in the banking space. It has developed over the years its own product, the Intellect Suite. To gain greater market share, Polaris acquired Laser Soft Infosystems in 2009. This deal gave Polaris access to 40 accounts in India for cross-selling Intellect products.

The RBI has 22 regional offices, most of them in state capitals.