PUNJAB & Sind Bank has appointed IT giant Wipro to implement core banking solutions (CBS) after Satyam’s new promoter Tech Mahindra voluntarily opted out of the contract. In September 2006, the bank had awarded Satyam Computer Services a Rs 135 crore contract to implement CBS, which primarily allows customers to access their account from any branch of the bank. Sources on conditions of anonymity said that Wipro has been appointed systems integrator while Infosys will provide its software, Finacle, for CBS. Punjab & Sind (P &S) Bank is the only public sector bank that has not begun the process of implementing CBS. When contacted by ET, G S Vedi said that the bank is in the process of finalising the contract. However he confirmed that Wipro has been appointed as systems integrator replacing Satyam Computer Services. “We reviewed the areas in which we work and core banking implementation for retail banking was not a priority area, so we opted out of it,” a top Mahindra Satyam official told ET requesting anonymity. He said the bank and Tech Mahindra had reached a mutually agreed upon settlement. In year 2006, he bank had entered into a 10 year contract with Satyam which includes implementing and maintaining CBS. Satyam had a back to back arrangement with Oracle Financial (earlier i-flex) for providing the software solution. “Since Satyam has exited from the contract, i-flex too will be out of the picture,” said a senior bank official. Officials from the bank said that Satyam failed to meet deadline twice - once in 2007 and subsequently in January 2008.
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