RRBs are likely to take more time to migrate to core banking

By | July 5, 2011

A recent press report said that Regional rural banks (RRBs) may need more time to shift entirely to core banking solutions (CBS) than that allotted by the RBI. The deadline to adopt core banking solution is set to expire at the end of September.

Mr. R. Khan, Deputy Governor, Reserve Bank of India (RBI) said that RRBs would take another two-three months to adopt CBS and said that an extension would be offered if required.

Reports said that a senior public sector banker said RRBs should be given more time to enable the penetration of technology as commercial banks have recently entered into the system and smaller banks should be given more time.

Mr. Prakash Bakshi, Chairman, National Bank for Agriculture and Rural Development said that regional rural banks should implement core banking solutions by December.

Reports also said that the general manager of a large public sector bank has said that adaptation of agricultural lending products was a main reason for moving to CBS.  Bankers also said that implementation of CSB would take some time.

The banks provide credit to the weaker sections of the rural areas, particularly the small and marginal farmers, agricultural laborers, artisans and small entrepreneurs. It offers home loan, business loan, personal loan, auto loan etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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