MoU signed between HPSCB Management and Infosys Subsidiary EdgeVerve Systems Bangalore and Dynacon System & Solution Company Mumbai

MoU signed between Himachal Pradesh State Cooperative Bank Management and Infosys Subsidiary EdgeVerve Systems Bangalore and Dynacon System & Solution Company Mumbai

Cyber hacking will not happen in the State Cooperative Bank now. The bank will use Infosys’ Finacle version. In this regard, a Memorandum of Understanding was signed between the bank management and Infosys subsidiary Edgeverve System Bangalore and Dynacon System and Solution Company Mumbai on Friday. The process of data transfer to the new software version has been started in the bank. The target has been set to complete it by March 2026. Bank Chairman Devendra Shyam said that the new technology is safe. The chances of cyber hacking incidents will now be zero.

The bank has completed the process of Service Level Agreement for upgrading its current core banking solution and operating the latest version Infosys Finacle 10.2.25 in its functioning under the NABARD umbrella. The document was signed by Managing Director Shravan Manta and the authorized officer on behalf of the agency in the presence of the bank’s Chairman Devendra Shyam and Chief General Manager NABARD Shimla Dr. Vivek Pathania and the launch of the new technology-oriented initiative. The Chairman of the bank said that the current Board of Directors had taken this important decision only after the formation of the board in the year 2023. The core banking solution in which the bank is working, that system was seeing many flaws as per today’s banking requirements.

Bank’s Managing Director Shravan Manta said that the cooperative bank will now be able to provide all types of digital services to its customers on the lines of leading nationalized and private sector banks.

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