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Wipro Signs 5-Year Total Outsourcing Pact With Central Bank Of India

(RTTNews) - Wipro Ltd. said it had signed a 5-year total outsourcing agreement with India's public sector bank Central Bank of India to provide core banking solution for seven sponsored Regional Rural banks, or RRBs, that includes Uttar Bihar Gramin Bank, the biggest regional rural bank in India with a large presence in Bihar.

The engagement is of vital importance to the bank in order to achieve its objective of financial inclusion and bringing low cost and efficient banking services to the rural masses. The Centralized Core Banking Project will facilitate efficient internal operations for the seven Regional Rural Banks and will provide the competitive edge by enabling regional rural bank offer innovative products and services at optimum costs.

The Core Banking Project would integrate 2,000 sites, which include branches, extension counters, satellite offices, regional offices, head offices and back offices in a phased manner, The solution will also offer alternate Delivery Channels like Internet Banking and Mobile (including SMS alerts) Banking.

Wipro will also set up a 24-hour centralized help desk facility for the project covering applications, data center, networks, security and end-user systems.

Last week, Wipro signed a 7-year Total Outsourcing contract with 5 RRBs sponsored by UCO Bank, a public sector bank, to implement a Core Banking Solution across 803 branches of the sponsored RRBs.

At the BSE, Wipro closed Wednesday's trading at Rs.403.30, up by Rs.3.50 or 0.88% from the previous close.