Media Statement: No Issues with Finacle’s NPA handling, says United Bank of India
Bangalore, February 20, 2014: With respect to recent media reports quoting United Bank of India’s (UBI) concerns about Infosys Finacle, please find below a joint statement issued by both companies.
Haragopal M., Global Head, Infosys Finacle said:
“It is inaccurate to say that Finacle has inherent deficiencies in any form or manner. Finacle’s NPA module has been adopted by and is running successfully in leading banks across India. No bank has raised any issues regarding the performance of Finacle’s NPA module.”
Deepak Narang, Executive Director, UBI said:
“We would like to clarify that there are no inherent deficiencies in Finacle. The version of the NPA tool currently used at UBI needed certain additional customizations to meet our specific needs, which are feasible and are being addressed now. We value the strong relationship we have shared with Finacle for many years. We regret any miscommunication or misconception created otherwise.”
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Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully 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, 2013 and on Form 6-K for the quarter ended December 31, 2013. These filings are available at www.sec.gov. 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 unless it is required by law.
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