The Reserve Bank of India (RBI) has signed a $55 million deal for the implementation and maintenance of Polaris's Intellect core banking system.
The deal - the single largest ever signed by Polaris for Intellect - covers implementation, system integration and software maintenance for 10 years.
The vendor says it is providing a centralised core system for all RBI's offices encompassing all banking and accounting operations.
The system will help RBI ensure cross functional automation and integration of operations in all regional offices covering deposit accounts, public accounts and public debt, claims Polaris.
RBI appointed KPMG for business process re-engineering, package and vendor selection. The consultancy will continue to work with the bank until project rollout.