fintechannounced that the Reserve Bank Of India, the country’s central bank, chose Intellect to implement the upgraded version of the Cloud-Native Intellect Quantum Core Banking (QCBS) solution to power the next stage of their digital transformation program.
Commenting on the deal won by the Reserve Bank of India, Rajesh Saxena, Managing Director of Intellect Global Consumer Banking, said:
“Intellect Quantum Central Banking Solution’s underlying MACH-compliant architecture will allow RBI to remain future-ready, with the ability to quickly and easily upgrade its systems and navigate an ever-changing economic landscape. “
“We are delighted that RBI is leveraging current best practices and the best innovations from around the world with the latest version of our award-winning central banking solution. It was an honor for us to see our partnership with the Reserve Bank The collaboration, which has started in 2011 and won accolades such as the Asian Banker ‘Best Central Bank Technology Project’ award along the way, is expected to further strengthen with the implementation of our QCBS upgrade,” he added.
One of the largest and most complex central banks in the world with a balance sheet size of Rs 57,076.69 billion, all of RBI’s central banking operations are currently supported by the central banking solution quantum of Intellect, commonly referred to as e-Kuber in RBI, Government of India and in Indian financial systems. The platform supports over 250 commercial banks, 35 state governments and union territories as well as a number of central government departments.
The next-generation Intellect Quantum solution is built on an industry-leading API, cloud-native, cloud-agnostic microservices architecture supported by a rich set of packaged business components.
The solution enables the RBI to seamlessly manage multiple activities such as supporting Indian Treasury Single Account with real-time balance position for various government entities, Indian GST National Backbone and wide range of government and banking services.
With the launch of the Digital India initiative by the government, various direct government benefit schemes, digital payments, GSTN and other implementations of various monetary policies, RBI transaction volumes are expected to increase several times over the course of the next decade.
e-Kuber 2.0 should be designed and manufactured to support this growth, the company said in the press release.
RBI will deploy the entire QCBS platform – with industry-first API micro-services architecture – on a state-of-the-art large-scale private cloud enabling a modern contextual user experience. Intellect will also provide a new government portal for government entities with real-time, multi-dimensional dashboards while modernizing the existing commercial banking portal.