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Palakkad District Co-Op bank goes live with Polaris Intellect CBS solution

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CHENNAI: Palakkad District Cooperative Bank. Ltd (PDCB), a Co-operative Bank in Palakkad, Kerala, has gone live with Polaris’ Intellect Core Banking Solution (CBS).

According to a press note, PDCB chose Polaris Financial Technology Ltd, a leader in products, solutions and services that facilitate unprecedented operational productivity aimed at the global Financial Services industry, to replace the bank’s existing legacy system and to be able to move towards a more upheld cutting edge technology. This solution, as explained, empowers clienteles to avail services of the bank cutting across all branches by removing the dependency on that of the home branch.

Polaris’ Intellect CBS solution customized for the Palakkad District Cooperative Bank Ltd replaced the bank’s existing legacy system and has been said to have transformed the entire range of banking operations from basic Core modules.

It also streamlines various Deposit and Loan products such as Savings, Current, Fixed Term, NRE, Recurring Deposits and Business, Education, Gold, Home, Mortgage and Personal Loans, as the company added.

Furthermore, the On-Line Transaction Posting (OLTP) and Report Generation capability of Intellect CBS equips the head office to simultaneously monitor the various happenings that in turn enables better administrative control over the affairs of the Branches. Additionally, timely submission of accurate data, MIS Reports to RBI, State Government and other Statutory Bodies are accomplished through Intellect CBS, as per the press release.

R. Chinnakuttan, President, Palakkad District Cooperative Bank Ltd alleged that, “As the leading Co-operative Bank in Palakkad (Kerala) and having successfully stepped into our 50th year of determined service, to implement core banking, we required a solution that would cater to the unique market requirements of Co-operative Bank. Polaris’ central deployment provided the bank with enhanced business and branch expansion at the lowest possible cost. The successful implementation of Polaris’ Intellect CBS has helped us benefit from best global practices, which in turn will help us provide exemplary customer service, streamline operations and bring us in proximity with our customers.”

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Jawed Akhtar

A Journalist by interest and a Music Enthusiast by passion. Wedded to Mother Nature, Jawed indulges his aesthetics in travelling and reading books of varied genres. Having covered News stories for top Dailies in his formative years, that is, he is game for tryst with Technology at Techmagnifier.

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