MUMBAI, India, Aug. 14, 2012 /PRNewswire/ -- Punjab & Maharashtra Co-op. Bank Ltd (PMC), one of India's youngest co-operative banks, has selected the IBM (NYSE: IBM) Smarter Computing approach to IT to accelerate its growth and reach in the fast developing financial services landscape in India. PMC Bank chose to migrate its applications including core banking to an IBM infrastructure with Power Systems to support the growing needs of its more than 66 branches, two extension counters and ATM network, while strengthening its online presence through remote banking.
Headquartered in Mumbai, Maharashtra, the richest and fastest developing state in India, accountable for 25 percent of India's industrial output and five percent of its GDP , the client base of PMC Bank is growing and diversifying even faster. Established as a new bank in 1984, today PMC Bank supports more than 500,000 clients and more than 5500 crore of business. To keep up with its growth without compromising its standards of service and to be able to enrich its offerings while developing its branch and ATM network, PMC Bank needed a totally new concept for its IT infrastructure to support varied applications like mobile banking, SMS banking, Internet banking, Treasury operations and kiosk services.
"We want to offer our clients a banking experience which is easier, faster, more convenient and secure," said H Krishna Karanth, General Manager, PMC Bank. "We also want to enhance the role of our branches and let them focus on providing financial services advice and counsel, while leaving the transactions part to the IT infrastructure."This means executing millions of transactions daily, handling iterations in a secure way, maintaining full data integrity across multiple subsystems and constantly balancing workloads. It also means dealing simultaneously with challenges such as managing risk and regulations, achieving optimum connectivity and finding new ways to attain efficiency and cost-savings. That is why PMC Bank considered IBM.
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