Dynacons Systems & Solutions announced that it has secured a contract worth Rs 233 crore from National Bank for Agriculture and Rural Development (NABARD).
The contract involves upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states.
NABARD, the apex development bank in India dedicated to fostering rural development and agricultural growth, plays a pivotal role as a mentor and facilitator for implementing core banking solutions in the rural financial sector. This project further underscores NABARD's commitment to embracing cutting-edge solutions to enhance operational efficiency and deliver superior banking services.
Under the terms of the contract, Dynacons will deploy its comprehensive suite of services, encompassing consultancy, implementation, customization, and ongoing support. Leveraging its domain knowledge and technical expertise, Dynacons aims to minimize disruptions to banking operations while maximizing the benefits of the new Finacle platform.
The project scope includes core banking solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from leading technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.
The proposed solution entails implementing CBS (Finacle 10.2.25) in NABARD Data Centre, Disaster Recovery Centre, and associated banks, including all necessary hardware, database, middleware, network components, third-party utilities, and testing.
The contract spans over 5 years, with ongoing maintenance support provided to NABARD and associated state cooperative banks, featuring onsite skilled resources and committed Service Level Agreements (SLAs).
Furthermore, this contract is structured on an Operating Expense (OPEX) basis, ensuring recurring revenue streams throughout the duration of the agreement. Additionally, other cooperative banks associated with NABARD can also place their order and participate in this initiative.
Parag J Dalal, executive director of Dynacons Systems & Solutions, said: "We are delighted to collaborate with NABARD in this transformative journey towards digital modernization.
We are fully committed to leveraging our expertise to ensure the seamless upgradation and migration of core banking solution, enabling NABARD to achieve its strategic objectives efficiently. This win will help Dynacons to become one of the leading player as a Systems Integrator in BFSI segment.