Andhra Pradesh State Cooperative Bank Limited goes Live with

Chennai, Tamil Nadu, India, Tuesday, April 16, 2013 -- (Business Wire India) 
-- Integrates 560 branches seamlessly on a private cloud 
-- Over 2000 Primary Agricultural Credit Co-Operative Societies (PACS)
integrated with 22 head offices of District Central Cooperative Banks (DCCBs) 
The Andhra Pradesh State Cooperative Bank Limited (APCOB) has gone live with
Polaris' state- of- the- art Intellect® Core Banking Solution (CBS) in all its
22 affiliated District Central Cooperative Banks (DCCBs) spread across the
state. APCOB chose Polaris Financial Technology Ltd, a leader in products,
solutions and services that enable unprecedented operational productivity for
the global Financial Services industry, to implement its multi-entity Core
Banking Solution. 
Intellect's multi-entity CBS has been deployed in a centralized data centre in
Hyderabad and can be accessed by all the 560 branches and 22 head offices of the
bank. Intellect CBS's deployment will provide a unique and comprehensive
on-lending software integrating the DCCBs operations with 2748 Primary
Agricultural Credit Co-Operative Societies (PACS) in Andhra Pradesh. The
solution with shared infrastructure costs will reduce the total cost of
ownership significantly. 
Intellect CBS will enable DCCBs to generate independent reports and at the same
time give APCOB the ease of generating a consolidated report whenever required.
The solution will also enable the DCCBs to expand their branch network with ease
and cover even in the remotest of places in their area of operation. This
multi-entity deployment with facilities for online integration with PACS will be
the first of its kind implementation in India. 
Commenting on the successful implementation, K Srinivasan, EVP & Geography Head,
Indian Subcontinent, Middle East and Africa (IMEA), Polaris Financial Technology
Ltd said, “We are extremely happy that APCOB, a leading apex co-operative bank
has gone live with Polaris' multi-entity core banking solution. Polaris' highly
scalable solution has paved the way for the DCCBs to not only improve their
operational efficiency in rural credit dispensation but also have a competitive
edge, which is essential for steady business growth. This will also help provide
channel banking facilities to clients in rural and semi urban locations.
Polaris' central solution and central deployment will provide ABCOB with
enhanced business at a lowest possible cost.” 
Polaris' implementation for APCOB will provide a multi-entity reporting
structure via a single / central system, de-centralized operations, treasury
operations, effective monitoring of refinance granted to DCCBs, automated loan
processing of agricultural loans, effective early warning system to track
potential delinquent loans and statutory reporting requirements.  
About The Andhra Pradesh State Cooperative Bank Limited 
The Andhra Pradesh State Cooperative Bank Limited (APCOB) is a Scheduled State
Co-operative Bank for the State of Andhra Pradesh. The Bank is committed to
agricultural and rural development through the Cooperatives. The cooperative
credit system in Andhra Pradesh with the APCOB at its apex level is a federal
system consisting of a family of 22 affiliated District Cooperative Central
Banks (DCCBs), which in turn, have 561 Branches and 2748 Primary Agricultural
Cooperative Societies (PACS) through which, developmental agricultural credit is
provided, to serve a sizeable chunk of the total membership of the PACS of
around 1.5 crores. For more information, please visit 
About Polaris Financial Technology Ltd 
Polaris Financial Technology Limited is a global leader in Financial Technology
for Banking, Insurance and other Financial Services. With over 25 years of
expertise in building a comprehensive portfolio of products, smart legacy
modernization services and consulting, Polaris owns the largest set of
Intellectual Properties for a comprehensive product suite, Intellect® Global
Universal Banking (GUB) M180. Intellect® is the world's first pure play Service
Oriented Architecture (SOA) based application suite for Retail, Corporate,
Investment banking and Insurance. Its acclaimed products, solutions and services
enable unprecedented operational productivity for the global Financial Services
Industry by Building, Maintaining, Expanding and Extending highly complex and
Integrated Financial Technology Infrastructure. 
This makes Polaris the chosen partner for 9 of the top 10 global banks and 7 of
the top 10 global insurance companies. The company has a global presence through
its 40 relationship offices across 30 countries, 6 international development
centers and 8 fully owned Business Solution centers. Polaris has a talent
strength of over 13,000 solution architects, domain and technology experts. For
more information, please visit 
Media contact details 
Minal Sahani, Media,
Polaris Financial Technology Ltd,
+91 9176626468, 
G. Sunanthy Devi, Investor,
Polaris Financial Technology Ltd,
+91 8939933564, 
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-0- Apr/16/2013 12:35 GMT
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