HP India snaps up $150 mn Bank of India deal

Wednesday, 25 February 2004, 08:00 Hrs
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BANGALORE: HP India Ltd has bagged a $150 million deal from the Bank of India for providing IT infrastructure and applications over a 10-year period.

Stated to be HP's largest outsourcing contract in Asia-Pacific, the deal is the first of its kind in India, encompassing IT-enabled transformation in a fully outsourced model.

The deal will enable Bank of India to achieve cost advantage and derive significant business benefits in the competitive banking environment.

According to a company statement here Wednesday, HP will implement and manage the bank's core banking solution (CBS) in 750 branches across the country.

"The bank's CBS is based on Infosys Finacle application, which is a centralised and integrated corporate, retail and trade finance solution, designed to create a flexible, scalable and robust technology platform for the bank," the statement said.

The contract will enable HP to implement and manage a data warehousing and document imaging solution, besides providing integrated channel management, including tele-banking, Internet banking and ATM services.

HP will partner with Infosys for the CBS and Oracle for database and data warehouse solutions.

"The deal envisages building and managing a data centre, disaster recovery site, help desk and call centre to the bank for offering real-time services on a 24x7 basis to its customers across the branches," HP India president Balu Doraisamy said.

Bank of India chairman and managing director M. Venugopalan said the bank had chosen HP as its partner in IT-enabled transformation after short-listing major vendors in India and abroad.

"We were looking for a partner with the right domain knowledge and expertise to integrate and manage large projects. We have selected HP based on its expertise in outsourcing and system integration," Venugopalan said.

Bank of India envisages around 43 million customer accounts and six million transactions a day by the end of the 10th year.

HP has been providing outsourcing services to leading Indian corporates such as Hindustan Lever, Ashok Leyland and Tata Steel.

Source: IANS
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