Bandhan, which was recently granted an “in-principle” licence by the Reserve Bank of India (RBI), has collaborated with FIS, a US-based company, as its technology partner for the launch of the proposed Bandhan Bank.
FIS will be providing a fully integrated banking and payments platform via a totally outsourced delivery arrangement at Bandhan, according to a press release by the company.
The seven-year technology outsourcing arrangement will provide services like core banking, channel solutions, trade finance, debit card management and transaction switching.
FIS will also be responsible for the delivery and management of the entire IT infrastructure including all disaster recovery capabilities and the inter-branch network.
Bandhan expects to commence banking operations in 2015, by opening nearly 600 branches targeting 10 million customers. At present it has a network of over 2,000 branches, providing loans to more than 5.8 million customers.
“It is critical for our business that we have a technology provider with the experience to support our rapidly growing business”, said Chandra Shekhar Ghosh, chairman and managing director, Bandhan.
