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February 25, 2010

Punjab and Sind Bank Signs IT Outsourcing Contract With Wipro

Punjab and Sind Bank (PSB), an India-based public sector bank and Wipro have signed a 10-year contract for comprehensive IT outsourcing services for PSB. The partnership assumes significance in view of the Punjab and Sind Bank's objective to become a INR1000bn bank by 2011 by increasing its branch networks and services.

By CBR Staff Writer

Through this partnership, PSB will be able to leverage technology to compete and achieve operational excellence. Wipro will be responsible for system integration, provisioning and management of Finacle core banking solution and enterprise applications. This would include 24X7 management of the entire underlying IT infrastructure covering computing platforms and networking.

As part of the program, Wipro will also undertake commissioning and management of the Data Centre and the Disaster Recovery centre, and Service and Support for the Bank. The solution is expected to completely transform the bank’s IT landscape in terms of improved agility for offering innovative banking services.

Sardar GS Vedi, chairman and MD of Punjab and Sind Bank, said: The vision of the bank is to leverage technology to achieve business transformation. We are re-engineering our IT processes and applications to deliver superior quality of service and products to accelerate business growth and achieve operational excellence. We are delighted to partner with Wipro in this journey towards business excellence, given Wipro’s track record in the BFSI segment, leadership position in India and strong IT and people processes.

Anand Sankaran, SVP and business head of India and Middle East at Wipro, said: Wipro’s Total Outsourcing Framework and strong program governance will ensure the application suite and the underlying infrastructure is aligned to PSB’s business needs. Coupled with our deep domain knowledge, over two decades experience in the IT space and knowledge of global best practices, we are confident PSB will set new standards in Banking services and Customer Relationship Management in the years to come.

Reportedly, PSB has terminated an earlier agreement with Satyam in 2009 after the troubled outsourcing firm failed to fulfil its criteria.

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