Ujjivan Financial to invest Rs 300 crore in technology

Ujjivan Financial to invest Rs 300 crore in technology
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Story Dated : May 19, 2016

New Delhi: After receiving in-principle approval from the Reserve Bank of India (RBI) to set up a small finance bank, Ujjivan Financial Services plans an investment of more than Rs 300 crore in technology over next 5 years for core banking solutions.

“Took decisive step towards proposed small finance banking operations by earmarking more than Rs 300 crore, to be invested for implementing and integrating core banking technology over the next 5 years”, Ujjivan said in a statement.

The company said it is betting big on IT and mobility solutions for the proposed small finance bank and has sourced technology from the likes of Wipro, Edgeverve – an Infosys subsidiary, Oracle, Microsoft, and Cisco.

Core banking and all other systems will run on most secure and robust servers like Oracle Sun Super Cluster, CISCO Blade Servers and CISCO Routers and Switches, it added.

“To support the high volume business and to meet security and compliance requirements… We have selected all proven software in banking technology after carefully evaluating each system for the specific requirements.”

“We are creating a strong IT backbone for the upcoming small finance bank”, Ujjivan Financial Services chief information officer Deepak Ayare said.

The company said it will implement mobile technology using cell phones and handheld devices to reach the rural customers.

For high security and top of the line disaster management, all-IT infrastructure will be hosted at IBM data centre, Mumbai, and the disaster recovery data centre will be hosted at Airtel data centre in Bangalore.