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| PNB sets a milestone for the Indian Banking Industry | | |
EARLY TIMES REPORT
NEW DELHI, FEB 5: Punjab National Bank (PNB), India’s second largest public sector bank, today announced that it has completed 100% core banking implementation at all its 4604 branches and extension counters setting a significant milestone and a new benchmark for the Indian banking industry.
Completed in November 2008, 4 months ahead of schedule, the bank implemented banking solution across its operations running a flexible and scalable database platform.
With its pan India presence, PNB offers a wide variety of banking services through its 4604 branches including 249 extension counters – the largest amongst Nationalized Banks. With an increasingly dynamic business and regulatory environment, PNB sought to not only achieve automation, but also centralize operations, standardize branch processes, achieve high scalability for future business growth, provide flexibility of creating innovative banking products to its lines of business, and at the same time, reduce overall costs.
The visionary zeal and the futuristic view of the Bank’s top management in the year 2000-2001 incubated the idea of introduction of a Centralized Banking solution.
The bold and innovative thought culminated into the CBS architecture with Finacle application on Oracle Database and Sun hardware platform with Solaris Operating System.
The bank today has over 22,500 concurrent users and is the best in the country with the number of peak transactions at 3.5 million.
With seamless integration of delivery channels such as ATM and internet banking solutions, PNB is able to provide 24X7 services to customers at a reduced transaction cost.
With the Disaster Recovery Site established by the bank and as part of test drills, the Bank has successfully operated out of its alternative data centre (DRS).
The 100% implementation of Core Banking Solution shall enable PNB to further reduce operational costs and revenue leakage while improving productivity of branches, introduction of new and innovative products and visibility of business.
The anywhere anytime banking facility will enable the bank to offer products for every segment of the customer.
On the landmark achievement of 100% CBS, Dr. K. C Chakrabarty, Chairman and Managing Director of Punjab National Bank said “The challenges of the financial sector can be met with the total connectivity and the centralization of the banking operations. It not only ensures standardization of products, but also enables quick launch of the new and innovative financial products ensuring sufficient lead time to market it. Vast majority of our population are still denied easy access to banking and the technology driven financial inclusion initiative will bridge the gap. The core banking solution offers seamless platform for integrating various such initiatives and also reduces the cost of transaction, thereby offering financial products at an affordable cost. The achievement of 100% CBS is the beginning of our efforts in this direction. The contribution of our technology partners enabled us to achieve the milestone ahead of the time schedule “, Chakrarty added.
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