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Mumbai


deal in 2014. Although low-end deals were excluded in 2011, the number of deals still jumped, to 22 from 13 the year before. Some well-known names chose systems in 2011, including Reserve Bank of India, the country’s central bank, signing for Intellect Core, from Polaris, state-owned United Bank of India, which has 1600 branches, signing for Kastle Treasury from 3i Infotech, and National Bank for Agriculture and Rural Development, which signed with Polaris for the Intellect lending system. In 2011, it was only the Indian vendors – 3i Infotech (four deals), Infosys (four), Nucleus (five), Oracle FSS (one), Polaris (six) and TCS (two) – that signed deals. In 2012, India Post signed with Infosys. The decision was made by the Department of Post, India, which is seeking to transform its banking operations across 150,000 post offices in the country, and Infosys was preferred to TCS at the shortlist stage. Karur Vysya Bank opted for Polaris’ Intellect Core The slight ray of hope for international vendors has been


the treasury market, which started to open up to outside suppliers a few years ago. HDFC Bank, in 2007, and Axis Bank, in 2008, took Misys’ Summit, for instance. In 2007, Calypso won Kotak Mahindra Bank and there were two deals in 2006 for Reuters with KTP (later residing with Thomson Reuters, now part of Misys) plus solitary wins in the same year for Sungard, with Sierra, and Murex. Thomson Reuters had the most success with its back-end to Kondor+, K+TP, with a deal in 2009 at Canara Bank taking its total for this system in India to five. In fact, even this slight opening


for non-domestic


vendors has closed of late. There are a number of domestic treasury systems for smaller banks, including 3i Infotech’s Kastle Treasury. In 2010, the only treasury deals went


to


the domestic suppliers, 3i Infotech and Polaris. In 2011, all three deal went the way of 3i Infotech. These were Daiwa Capital, India Infrastructure Finance Corporation and the aforementioned United Bank of India. This pattern meant


domestic suppliers’ dominance, a core


that Calypso’s win in 2012 at


IndusInd Bank was notable. The project followed the bank’s successful cutover to Finacle and was expected to run through 2013. Given the


banking deal in 2013 stood out. It was from New Delhi- based Bharatiya Mahila Bank, India’s first public sector bank catering exclusively for women. Set to commence operations on 19th November 2013, it chose the Profile core banking offering from US vendor, FIS. The new bank opted for a hosted ‘pay per use’ model to help speed up its expansion process. Infosys, Polaris and TCS also bid for the deal. The bank, which has an all-woman board, opened on time, with seven branches, and was aiming for 55 branches by March 2015. Profile already had one long-standing user in India, ING Vysya, which during 2013 was undergoing a major upgrade of this core system. One higher-end stop-start selection in 2013 was at


Corporation Bank, which offers retail and corporate banking to over 16 million customers in India. It opted for Finacle to replace its decade-old legacy system, Laser Panacea from Polaris, to cover its 1600-branch network. Polaris unsuccessfully contested the decision but the contract with


Market Dynamics Report www.ibsintelligence.com 199


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