Himachal: State Co-op Bank takes a digital leap

Himachal Pradesh: Himachal Pradesh State Cooperative Bank has signed a Memorandum of Understanding (MoU) with Edgeverse Systems, a subsidiary of Infosys and Dynacons Systems & Solutions Ltd, Mumbai to upgrade its Core Banking Solution (CBS). The Service Level Agreement (SLA) for implementation of Infosys Finacle version 10.2.25 under the NABARD framework was formally signed. The agreement was signed by Managing Director Shravan Manta in presence of Bank Chairman Devendra Shyam and NABARD Chief General Manager Dr Vivek Pathania in Shimla. The bank aims to complete the data migration and full implementation of the new CBS version by March 2026.

Chairman Devendra Shyam termed the move as a historic step towards digital transformation. He praised the Board of Directors for taking a visionary decision to address the current operational challenges. Managing Director Manta said Finacle 10.2.25 will significantly improve the bank’s performance and customer service standards, bringing it at par with nationalised and private sector banks. He emphasised that the upgraded version offers robust cybersecurity features, which will help mitigate cyber threats and hacking risks, as well as ensure a full range of modern digital banking services for customers.