Page 16 - Banking Finance November 2021

CO-OPERATIVE BANK NEWS

Co-Operative Bank

News

Wipro bags a multi-year partnering with Wipro for this long- Bank, Maharashtra and the Citizens
term engagement, given Wipro's con- Urban Co-operative Bank Ltd.,
contract with Kerala State sistent track record, leadership posi- Jalandhar, Punjab.

Co-op Bank for technology tion in India and strong IT and people A penalty of Rs 7 lakhs was imposed on
processes," said Shri Rajesh AR, GM -
transformation Citizens Urban Cooperative Bank for
IT & Digital Banking, Kerala Bank. violation of norms related to income
Wipro has secured a multi-year con- recognition, asset classification, provi-
tract from Kerala State Co-op Bank Kerala Bank currently runs 15 different
core banking environments with five sioning. Also, a penalty of Rs 90 lakhs
(also known as Kerala Bank), a sched-
different core banking solutions. was imposed on Vasai Bank on similar
uled state co-operative bank in India, violations, the RBI said.
established by the Government of As part of this multi-million-dollar stra-
Kerala. tegic engagement, Wipro will imple- A statutory inspection of the Vasai
ment a consolidated, common core bank conducted by RBI with reference
Sanjay Jaireth, Head - BFSI India (SRE), to the bank's financial position as on
banking system for the bank, provide
Wipro Limited said, "Wipro has been March 31, 2019 revealed noncompli-
over twenty allied solutions, aimed at
engaged with Kerala Bank and is pro- ance with the RBI directions on ensur-
streamlining technology adoption and
viding core banking services to multiple ing end use of funds in borrowal ac-
enabling a superior customer experi-
District Co-operative Central Banks counts and classification of loans/ ad-
ence. Wipro will also set up a Data Cen-
(DCCB) for many years. This extensive vances as non-performing assets.
tre, Disaster Recovery Centre, Near DR
experience uniquely positions us to Similarly, an inspection of Citizens Bank
(Disaster Recovery) and command cen-
deliver this complex program which revealed violations related to non-
tre, implement the latest Reserve Bank
redefines customer experience while identification of NPAs, wrong classifica-
of India cybersecurity frameworks, and
ensuring security for clients of Kerala tion of assets and inadequate provi-
provide facility management services
Bank." sions made due to wrong classification
for a period of five years.
"We see IT modernization as the key of assets, the RBI said.
driver for achieving business transfor- RBI imposes monetary RBI withdraws all-inclusive
mation and growth. An integrated IT penalty on two coopera-
landscape comprising of best-in class directions on Hindu Coop-
Core Banking and allied solutions will tive banks erative Bank
not only enable seamless information Reserve Bank of India imposed mon- The Reserve Bank of India (RBI) with-
flow but will also help achieve high etary penalty on two cooperative drew its all-inclusive directions on
performance and scalability in our op- banks for various rule violations. These Pathankot-based Hindu Cooperative
erations. We are delighted to be two banks are Vasai Vikas Sahakari Bank, the central bank said.

16 | 2021 | NOVEMBER | BANKING FINANCE