InfrasoftTech-HP deploy core banking solutions for Thane Janata Sahakari Bank to “Map all points”

InfrasoftTech-HP deploy core banking solutions for Thane Janata Sahakari Bank to “Map all points”

Enhances Centralized Services Delivery, Customer Analysis, Operations Control and Productivity

Mumbai, 12 September, 2006: The Thane Janata Bank today announced about the InfrasoftTech- HP partnered Core Banking Project which has been successfully deployed at the bank, at Enterprise Level. This project is a milestone of sorts which marks the transformation and catapults the growth drivers for Small and Medium Banks. The bank has upgraded its Operational Metrics and Customer Service levels through InfrasoftTech’s OMNIEnterpriseTM- – an enterprise banking software solution which is known for delivering comprehensive & integrated automation of business processes, customer services and on-line bank-wide customer database.

Mr. Hanuman Tripathi, Managing Director & CEO for global business of Infrasoft Technologies Limited, said “We are proud to be associated with Thane Janata Sahakari Bank since 1996. TJSB has taken a clear lead in upgrading their technology infrastructure from time to time in the last ten years. Our OMNIEnterpriseTM core banking implementation at TJSB is the demonstration of a successful, long-term customer partnership where we are committed to deliver technology enabled business strategy of the bank. We are confident of delivering value to TJSB using our wide & in-depth experience of deploying 31 Core Banking sites between India, Africa and Europe, for middle market banks at enterprise level.

Speaking on the occasion Mr R. G. Karve, CEO, Thane Janata Sahakari Bank, said “As a market leader, Thane Janata Bank needed to scale up to address the attendant challenges of operating in a highly competitive business environment. A shift away from the decentralised branch banking approach to a contemporary technology-based core banking solution was called for. This was imperative to cut cost of operations and focus on business development and market-share enhancement through customer-centric operations at branches and moving all back-office data processing to a common data processing centre. Further, the centralised software had to enable the bank to achieve its goals and automate the process of meeting ever increasing regulatory compliance needs.”

“Hewlett-Packard partners with Thane Janata Bank to help its endeavor of comprehensive IT adoption in business processes to keep pace with the dynamic banking environment.” said Mr. Ashok Pamidi, Director, Commercial Accounts, SMB & Enterprise Partners, Technology Solutions Group, HP India. “We are pleased to have been selected by Thane Janata Bank, a growing financial institution with a determined foresight to gain a competitive edge in their business. HP technology will help the bank to substantially reduce business risk and increase efficiency. The partnership with Infrasoft Technologies bears testimony to HP’s robust and growing relationship with its partners and alliances in addressing the needs of customers in the co-operative banking space.”

The OMNIEnterprise Core Banking Solution was deployed on HP servers at the data center. Infrasoft Technologies implemented this solution in 24 branches & offices across Maharashtra. InfrasoftTech along with the Bank’s IT team has completed the task of migration of branches by March 2006. Both HP and InfrasoftTech teams have been working cohesively to put in place best practices technology led in business operations of the bank and completing H.O. customization.

For such a gigantic and complex project, the overall infrastructure for the bank had to be robust and reliable. Hardware infrastructure including networking, servers, storage, support and service had to be part of the elemental mix in sharing up the Core Banking Solution. HP’s team together with InfrasoftTech showcased HP technologies comprising servers, storage, and how they would address the requirements of the Core Banking solution to the Bank.

About InfrasoftTech

InfrasoftTech is a specialist in delivering technology solutions to banking & financial institutions with a successful track record of ten years. InfrasoftTech has served 120+ banks & FIIs globally in diverse areas of Core Banking, Islamic Banking, Wealth Management and Anti Money Laundering. InfrasoftTech has implemented 31 Core Banking & 15 Anti Money Laundering sites globally in the last 24 months. The company has its software development centers at India & London. (www.infrasofttech.com)

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended July 31, 2006, HP revenue totaled $90.0 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at www.hp.com.

About Thane Janata Sahakari Bank

Thane Janata Sahakari Bank established in 1972 is the youngest cooperative bank to get the scheduled status from the RBI. To serve over 500,000 customers, the Bank has a network of 20 Branches and 5 Extension Counters spread in Thane, Mumbai, Navi-Mumbai, Nasik, and Pune. The Bank handles a volume of business-mix of around Rs.1800 crores with Zero Net NPA and CRAR of 20%. Apart from regular banking, the Bank also offers many value-added services like Bank assurance products selling services, FOREX and money changing services, Government Business, ATM services, SMS Banking, Kiosks, Safe deposit lockers and Anywhere Banking facilities. The Bank believes that “Customer Delight” is the ultimate goal and is committed to providing banking with speed, comfort and convenience, and it is these values that have catapulted the Bank to the top – being awarded 1st Prize for Best Co-operative Bank in Maharashtra for the Year 2005 by Maharashtra Urban Co-operative Banks federation. The bank has ambitious plans for rapid inorganic growth through the M&A route.