Financial Inclusion Network and Operations (FINO), a company focussed on the business correspondent (BC) model for financial inclusion in the country, plans to more than double its BC points in the next one year. The company is currently working with over 20 banks, three insurance companies, 10 State Governments and some Union ministries, and has over 26 million customers.

Wipro Infotech has signed a 5-year strategic contract with Canara Bank for its Regional Rural Bank (RRB). As part of the contract, Wipro will provide core banking solution to Pragathi Gramin Bank in Karnataka, South Malabar Gramin Bank in Kerala, and Shreya Gramin in Uttar Pradesh.

Rural banking is an important part of the Union Government's thrust towards financial inclusion.

In 2010-11's Union Budget, RRBs were allocated Rs 350 crore.

In the recent budget, the Finance Minister, Mr Pranab Mukherjee, decided to give RRBs Rs 500 crore in 2011-12 to enable them to maintain a CRAR (capital to risk weighted asset ratio) of at least nine per cent as on March 31, 2012.

Helpdesk

As part of the project, Wipro will implement Infosys' Finacle Core Banking Solution and integrate around 900 branches and offices. Wipro will also setup a 24-hour centralised helpdesk facility covering applications, data centre, networks, security and end-user systems.

Mr Anand Sankaran, Senior Vice-President and Business Head, India, Middle East and Africa, Wipro, said, “We plan to deliver a centralised core banking solution aligned with the corporate mission, strategy and business plan of the regional rural banks.”

This is Wipro's third win in the RRB space.

In 2010, the company had signed a 7-year contract with five RRBs sponsored by UCO Bank and a 5-year contract with RRBs associated with the Central Bank of India.