The annual Asian Banker Summit is Asia’s largest and most prestigious gathering of decision makers from financial services around the region and the world. The event witnesses panel discussions, conferences and presents immense networking opportunity for participants. The Asian Banker Achievement Awards is one of the highlights of the summit. These solutions are presented to financial institutions and technology partners for innovative best-in-class implementations.
RBI is one of the largest and most stable central banks, with approximately 30,000 staff in 28 regional offices, 1100 clearing houses and 4400 currency chests. The Central Bank noticed that most of the commercial banks in the country had modern core banking systems and were able to process and provide data in real time. It felt that as the regulator of the economy it should also have a modern and integrated core banking system covering all banking and accounting operations to align with its future IT requirements.
Polaris implemented its Intellect® Quantum Core Banking Solution, replacing legacy systems for the entire Banking Operation, Government Operations, Public Debt Management/Market Operations and Currency in Circulation management.
The project has enabled RBI in implementing its top 10 objectives, namely
- Comprehensive integrated software
- Contain spiraling IT costs
- Support Huge Transaction Volumes
- Ensure highest levels of Security
- Support low value, huge volume, low cost payments
- Ensure indemnity from fast changing policies, scenarios and environments
- High availability and reliability of services
- Model for commercial banks
- Maximize re-use of existing infrastructure
- Single Enterprise General Ledger
For its robust and innovative solution and impeccable implementation, Polaris and RBI were awarded the Best Central Bank technology Project Award for 2012