Satyam wins Rs 135 cr deal from Punjab & Sind Bank

Satyam Computer Services Ltd on September 29, 2006 has announce that it has signed a 10 - year contract with Punjab & Sind Bank (PSB) an institution with 813 branches and millions of customers throughout India. The Company will supply, implement, and maintain a comprehensive Core Banking System (CBS) for the bank. The US $ 30 Mn (Rs 135 crore) arrangement also requires the Company to provide networking for 500 Punjab & Sind Bank branches, host its Data Center and Disaster Recovery Center, and provide Networking & Facility Management.

It is one of the leading system integration engagements that the company will execute on such a large scale. It is the Company's first CBS implementation, and one of its largest multi-year Facilities Management projects from the domestic market.

The Company will implement and support several systems, including:

1. CBS and Branch Infrastructure for 300 Punjab & Sind Bank branches

2. ALM, Trade Finance, Treasury and Government Business Applications

3. Enterprise Management Solution

As a result, Punjab & Sind Bank will soon be able to offer anytime banking via the Internet, as well as numerous other options that will enhance customer satisfaction and loyalty

"The Company is very pleased to partner with Punjab & Sind Bank, one of India's most highly respected, high-profile public sector banks for this project," said Virender Aggarwal, director and senior vice president, APAC and MEIA of the Company. "We look forward to leveraging on SYMSOLS, the CBS application from System Access, together with our own experience and service delivery capabilities to help Punjab & Sind Bank increase its operational efficiency, reduce risk, and enhance its customer service."

Source : Equity Bulls

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