Saraswat Bank, ADAG in tie-up to sell core banking solution

Leading co-operative lender Saraswat Bank has tied up with Reliance ADAG under which the Anil Ambani-led group will market a core banking solution developed by the bank's infotech subsidiary.

"We have recently tied up with the ADAG through which we can sell our core banking software ''Swift Core'' to banks using ADAG's optical fibre network spread across the country," Saraswat Bank''s Chairman Eknath Thakur told reporters late last evening.

Swift Core has been developed by Saraswat Infotech Limited (SIL), Thakur said, adding an estimated 300 small banks across the country need to install core banking software as a compliance measure.

"The large banks go for packages developed by bigger companies like (Oracle) I-flex and Infosys but we will target the product at 300 smalelr banks who also need to install CBS," Thakur said.

The ADAG will market the product and do the invoicing while SIL will serve as the service provider and carry out the maintenance, he said, without specifying the name of the ADAG group company or subsidiary it has partnered with.

Thakur said SIL will benefit a lot as from the tie-up with ADAG, specifying ADAG's investments of over Rs 15,000 crore to erect the OFC network, 6,000 employees and a centralised data monitoring centre at Navi Mumbai as the advantages which will help Saraswat Bank.