Punjab First State to Move Co-op Banks to Finacle 10
Why in the news
Punjab became the first state to move its cooperative banks’ core banking system from Finacle 7 to Finacle 10, a digital boost for rural banking.
Key facts
- Banks upgraded: SAS Nagar Central and Ropar Central Cooperative Banks, under NABARD.
- Gains: faster, safer, customer-friendly grassroots services with better transparency and efficiency.
- Users: farmers, self-help groups, rural entrepreneurs.
Finacle 7 versus Finacle 10
| Aspect | Finacle 7 | Finacle 10 |
|---|---|---|
| Nature | Legacy version of the 2000s-2010s | Cloud-ready, scalable |
| Design | Client-server, less modular; text interface with transaction codes | Smooth mobile and internet channels |
| Features | Basic savings, deposits, loans, transfers | Advanced cybersecurity, AI analytics, faster processing |
About Finacle
- A core banking solution (CBS) built by Infosys, covering accounts, deposits, loans, payments and customer relationships.
Why it matters
- Cooperative banks serve rural and semi-urban areas as the main banking touchpoint for millions.
- Allows real-time transactions, UPI and AEPS integration, easier RBI compliance and personalised products.
Exam angle
- CBS vendor: Infosys; supervising body: NABARD.