Close on the heels of IDBI receiving its license for commercial banking services, Infosys Technologies (NASDAQ: INFY) today announced that it has signed up with IDBI (Industrial Development Bank of India) to deploy Finacle™ as the bank’s core banking platform. Finacle will be deployed across 101 locations by March 2005 and will power IDBI’s transformation from a development finance institution into a commercial banking entity.
IDBI was established in 1964 as a wholly owned subsidiary of the Reserve Bank of India. In view of the manifold increase in its activities and diverse responsibilities, the ownership of IDBI was transferred to Government of India in 1976 and it was made the principal financial institution for co - ordinating the activities of institutions engaged in financing, promotion or development of industry in the country as also for providing credit and other facilities for the development of industry. Later, in 1995, IDBI made its first public offering of equity shares, after the IDBI Act was amended in 1994 to permit public ownership up to 49% of its issued capital. Government of India’s shareholding in IDBI today stands at around 58%.
Announcing this, Merwin Fernandes, Vice President and Global Head - Sales and Marketing, Banking Business Unit, Infosys Technologies Ltd said, “IDBI is one of the highly reputed financial institutions in this country and we are delighted to welcome them to the large and growing Finacle family in India and globally. We are confident that Finacle will provide IDBI a world - class new generation technology solution that is highly scalable, proven, flexible and low risk; a solution that will enable IDBI to gain business agility and create competitive differentiation as they enter this new and exciting chapter in their growth and business transformation.”
NOTE: IDBI is different from IDBI Bank, which is also a customer of Finacle. For more information, please visitwww.idbi.com
About Finacle Universal Banking Solution
Finacle is the universal banking solution from Infosys designed to address the retail, corporate, community and private banking requirements of banks across the globe. Finacle has been designed and architected out of years of experience with some of the best and biggest banks across the world. This universal banking solution offers several powerful and differentiating features making it one of the most comprehensive, flexible and successful solutions in its class. (www.finacle.com )
About Infosys Technologies Ltd. (NASDAQ: INFY)
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 25,000 employees in over 30 offices worldwide. For more information, visit
The Industrial Development Bank of India (IDBI) was established on July 1, 1964 as a wholly - owned subsidiary of the Reserve Bank of India (RBI - the Central Bank of the country) under an Act of Parliament. IDBI is a fundamentally strong, consistently profit - earning and dividend - paying organisation. The Bank continues to maintain a sound capital base as represented by the Capital Adequacy Ratio (CAR), based on the calculation of risk - weighted assets, as per RBI norms.
Safe Harbor Provision
Certain statements in this release related to the Offering constitute forward - looking statements. This Offering is subject to shareholder approval, which may not be obtained. Although the Offering is expected to be made to our equity holders in India, we may be required to exclude certain equity holders outside India to comply with U. S. rules and regulations. Our business is subject to a number of risks and uncertainties that could affect our future operating results including those described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20 - F for the fiscal year ended March 31, 2004 and on Form 6 - K for the quarter ended June 30, 2004 and September 30, 2004. These filings are available at
. Infosys may, from time to time, make additional written and oral forward - looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward - looking statements that may be made from time to time by or on behalf of the company.