State Coop Bank embraces digital leap

The Himachal Pradesh State Cooperative Bank has signed a memorandum of understanding (MoU) with EdgeVerse Systems, a subsidiary of Infosys and Dynacons Systems & Solutions Ltd, Mumbai, to upgrade its core banking solution (CBS).

The service level agreement (SLA) was formally signed for the implementation of Infosys Finacle version 10.2.25, under the NABARD framework. The agreement was signed by Managing Director Sharwan Manta in the presence of bank chairman Davender Shyam and NABARD CGM Dr Vivek Pathania at Shimla.

The bank has set a target to complete the data migration and full implementation of the new CBS version by March 2026.

Chairman Davender Shyam hailed the move as a historic step toward digital transformation. He praised the Board of Directors for making a forward-looking decision to resolve existing operational challenges.

Managing Director Manta stated that Finacle 10.2.25 will significantly enhance the bank’s performance and customer service standards, aligning them with those of nationalized and private sector banks. He emphasised that the upgraded version offers robust cybersecurity features, which will help mitigate risks of cyber threats and hacking, while also ensuring a full suite of modern digital banking services for customers.