HYDERABAD: Satyam Computer Services Ltd, global consulting and information technology services company, today announced that it has signed a ten year contract with Punjab & Sind Bank, an institution with 813 branches and millions of customers throughout India.
According to the contract, Satyam will supply, implement, and maintain a comprehensive core banking system (CBS) for the bank. The $30mn (Rs 135 crore) arrangement also requires Satyam to provide networking for 500 Punjab & Sind Bank branches, host its data center and disaster recovery center, and provide networking and facility management.
It is one of the leading system integration engagements that the company will execute on such a large scale. It is Satyam's first CBS implementation, and one of its largest multi-year facilities management projects from the domestic market, a Satyam statement said.
Satyam will implement and support several systems, including CBS and branch infrastructure for 300 Punjab & Sind Bank branches, trade finance, treasury and government business applications and enterprise management solution. As a result, Punjab & Sind Bank will be able to offer anytime banking via the Internet, as well as numerous other options that will enhance customer satisfaction and loyalty.
Virender Aggarwal, director and senior vice president, APAC and MEIA, Satyam, said, "We look forward to leveraging on SYMBOLS, the CBS application from system access, together with our own experience and service delivery capabilities to help Punjab & Sind Bank increase its operational efficiency, reduce risk, and enhance its customer service."
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