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Dynacons secures prestigious contract worth Rs 233 Crores for Core Banking Solution Upgradation & Migration on ASP Model from NABARD

Posted On : 2024-04-16 22:40:36( TIMEZONE : IST )

Dynacons secures prestigious contract worth Rs 233 Crores for Core Banking Solution Upgradation & Migration on ASP Model from NABARD

Dynacons Systems & Solutions Limited, a leading technology solutions provider, has announced its latest achievement in securing a significant contract worth Rs. 233 crores (all inclusive) from the National Bank for Agriculture and Rural Development (NABARD). This monumental contract encompasses the upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states.

NABARD, the apex development bank in India dedicated to fostering rural development and agricultural growth, plays a pivotal role as a mentor and facilitator for implementing core banking solutions in the rural financial sector. This project further underscores NABARD's commitment to embracing cutting-edge solutions to enhance operational efficiency and deliver superior banking services.

Under the terms of the contract, Dynacons will deploy its comprehensive suite of services, encompassing consultancy, implementation, customization, and ongoing support. Leveraging its domain knowledge and technical expertise, Dynacons aims to minimize disruptions to banking operations while maximizing the benefits of the new Finacle platform. The project scope includes Core Banking Solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from leading technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.

Furthermore, this contract is structured on an Operating Expense (OPEX) basis, ensuring recurring revenue streams throughout the duration of the agreement. This model not only provides financial predictability for both parties but also aligns incentives for ongoing support and innovation, fostering a mutually beneficial partnership for sustained success. Additionally, other cooperative banks associated with NABARD can also place their order and participate in this initiative, further extending the benefits of modernized banking solutions across the cooperative banking sector.

The proposed solution entails implementing CBS (Finacle 10.2.25) in NABARD Data Centre, Disaster Recovery Centre, and associated banks, including all necessary hardware, database, middleware, network components, third-party utilities, and testing. The contract spans over 5 years, with ongoing maintenance support provided to NABARD and associated state cooperative banks, featuring onsite skilled resources and committed Service Level Agreements (SLAs). The current version of Finnacle 7.0 application was supplied and managed by Wipro for last 10 years.

Mr. Parag J Dalal, Executive Director of Dynacons Systems & Solutions Limited, commented, "We are delighted to collaborate with NABARD in this transformative journey towards digital modernization. This contract win is a testament to Dynacons' capabilities in delivering innovative technology solutions tailored to the unique requirements of our clients. We are fully committed to leveraging our expertise to ensure the seamless upgradation and migration of Core Banking Solution, enabling NABARD to achieve its strategic objectives efficiently.

This win will help Dynacons to become one of the leading player as a Systems Integrator in BFSI segment," added Mr. Dalal.

Shares of Dynacons Systems & Solutions Limited was last trading in BSE at Rs. 1133.40 as compared to the previous close of Rs. 944.50. The total number of shares traded during the day was 52357 in over 6178 trades.

The stock hit an intraday high of Rs. 1133.40 and intraday low of 929.15. The net turnover during the day was Rs. 56344889.00.

Source : Equity Bulls


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