Oracle introduces IT solution for coop banks

Oracle introduced on Thursday complete and affordable IT solutions for the cooperative banks in the country.

Oracle would provide back-office solutions to all the cooperative banks in partnership with EBZ Online, which would manage the whole end-to-end solution for the banks, Oracle India Senior Director Service Industries Suraj Pai said in New Delhi.

The company also plans to set up a Cooperative Banking Centre of Excellence in Pune, in partnership with EBZ Online, to extend its focus in this space.

EBZ already has over 50 cooperative banks as its customers while Oracle has over 200 cooperative banks as their customers.

"Besides targeting our existing customers, we are planning to extend this solution to all the cooperative banks in 10 states in North India in the next three years," EBZ Managing Director Mandar Agashe said.

Both the companies have created a solution framework that will address the core needs of cooperative banks by helping them to increase operational efficiency and reduce costs, he added.

With the help of Oracle and EBZ Online applications, cooperative banks would be able to consolidate their transactions on a daily basis.

There are over 387 district cooperative banks across the country with reach to an estimated 200 million people, who work in the agriculture sector, cooperative housing schemes among others, the company said.