Infosys deploys Finacle at Cosmos Co-operative Bank

Bangalore October 15, 2003

Infosys Technologies Ltd. today announced that Cosmos Co-operative Bank, one of the leading co-operative banks in India, has successfully deployed Finacle Core Banking.

Headquartered in Pune, it is the first co-operative bank in the country to go Live with a Centralized Banking solution across the entire network of 42 branches. With this technology initiative, the bank hopes to consolidate its leadership position in the region.

On this occasion, Mr. Madhukar W Atre, Chairman, Cosmos Co-operative Bank Ltd. said, "Cosmos bank is a pioneer among co-operative banks to deploy a centralized banking solution on this scale. It has effectively responded in meeting its commitment to its customers by opting for Infosys as its technology partner. With Finacle deployed across the branch network, we expect to leverage the power of this solution for better customer services, offer banking services through new delivery channels to our esteemed customers and at the same time ensure proper controls in the entire operation."

Mr. S. Bugde, Managing Director, Cosmos Co-operative Bank Ltd. Added," This is a very important achievement for our Bank, being the first co-operative bank in the country to go LIVE with a centralized core-banking solution. We are confident that with Infosys' expertise, experience and technological capabilities, our bank will be able to derive tangible business benefits and delight its customers in the times ahead."

According to Mr. Girish Vaidya, Senior Vice President Infosys Technologies Limited, " With this initiative, Cosmos Bank Ltd. has become a part of the growing Infosys family of banks which are being powered by Finacle. We would like to commend the Cosmos Bank team for efficiently managing the complete roll out of the solution to all branches on their own, after the pilot implementation by Infosys."

According to Mr. P Rangarajan, Regional Manager - Sales (South Asia & ASEAN), Infosys Technologies Limited "This win marks further consolidation of our leadership position in the region. We look forward to a continued and long-term relationship with the bank. With Finacle, we are confident that the bank will be able to leverage the power and flexibility of the solution to gain business agility."


About Cosmos Co-operative Bank Ltd.

Established in 1906, Cosmos Co-operative Bank is first among co-op bank sector in the country to have 100% branches under centralized core-banking solution. With 42 branches and 6 extension counters, the bank would be launching online ATM network shortly. Interlinking of 100 ATMs and e- banking facility will also be introduced soon.


About Infosys Technologies Ltd.

Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys' Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has over 19,000 employees in over 30 offices worldwide. For more information, visit


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