Dynacons Secures ₹51.28 Cr Core Banking Deal for Rural Co-op Banks

Big news from Dynacons Systems & Solutions Limited (DSSL)! The company has announced a substantial new order worth ₹51.28 crore. This significant contract is for providing an Advanced Core Banking as a Service (CBaaS) solution, along with other allied applications, to State and District Co-operative Banks.

Empowering Rural Banking with NABARD’s Vision

This isn’t just any contract; it’s a crucial step in modernizing India’s rural financial landscape. The orders come from banks operating under the watchful eye and initiative of the National Bank for Agriculture and Rural Development (NABARD). NABARD plays a vital role as a mentor, pushing for optimal technology use in the rural financial sector. Their goal? To bring rural cooperative banks onto a common technology platform, making credit delivery faster, easier, and fostering financial inclusion initiatives across the country. 🤝

What Dynacons Will Deliver

Dynacons will be implementing Infosys Finacle 10.2.25, a leading core banking solution, using an Application Service Provider (ASP) model. The entire solution will be hosted on Dynacons Cloud, ensuring a robust and scalable infrastructure. The scope of work is comprehensive, covering:

• Migration: Moving existing Core Banking Solutions (CBS) to the new Finacle 10.2.25 platform, including detailed data mapping, extraction, and transformation.
• Implementation: Deployment of all necessary hardware, databases, middleware, network components, and third-party utilities.
• Support: Extensive maintenance support for a full five-year period, complete with dedicated onsite skilled resources and adherence to stringent Service Level Agreements (SLAs).

This project is set to streamline operations for these cooperative banks, enhancing their ability to serve rural communities more efficiently. For instance, the orders include a specific project for the Himachal Pradesh State Cooperative Bank Ltd., covering its Head Office in Shimla and a network of 262 branches plus 10 administrative offices. 🚀

This domestic contract underscores Dynacons’ expertise in critical banking technology infrastructure and its commitment to supporting India’s financial inclusion goals. It’s a win-win, strengthening Dynacons’ position while empowering rural banking.

source: Corporate Announcement

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