Punjab and Sind Bank to upgrade its Core Banking Solution (CBS) from Finacle 7x to Finacle 10x

          P&S Bank currently uses Core Banking System Finacle 7.0.25 to provide banking services to its account holders.  As majority of the Banks operating Finacle 7x have migrated to Finacle 10x version, P&S Bank too intends to migrate to a higher version Finacle 10.2.15 (Or any latest certified and stable version post 10.2.15 in 10.2 series)

          Towards this goal, P&S Bank has floated a ‘Request for Proposal’, for Appointment of IT Consultant for CBS and IT Projects.

          The scope of the work primarily is to assist Punjab and Sind Bank to migrate to higher version Finacle 10.2.15 (Or any latest certified and stable version post 10.2.15 in 10.2 series). One of the options to be studied is to whether to continue with Finacle or go for a new CBS Solution.

The consultant has to  assist the Bank in the end-to-end contract execution with the selected System Integrator/s including coordination with different Bank Departments for finalizing the sizing. Based on the defined scope, the consultant shall be required to independently arrive at the Methodology, based on globally acceptable standards and best practices, suitable and acceptable for the Bank, after taking into consideration the effort estimate for completion of the same and the resource requirements.

The Consultant will have to work as per the timings of the Bank. Given the ever changing business and technology environment and the background that the Bank’s requirements would be varied and recurring in nature, Bank envisages the need for consulting assistance for technology initiatives and project management consultant on fixed-cost basis for the below mentioned scope of work in a phased manner.

The Consultant will have to support existing IT operations and IT related issues. Also have to consider and implement all requirements/changes received time to time from Regulatory/Statutory Body/ RBI/Govt. of India during project duration. The cost of support has to be included in project cost.

The Consultant should be fully conversant with all Government Guideline CVC guidelines, GFR 2017 issued by GOI, all procurement guidelines/ manuals of the Bank as applicable to the subject matter of advice /service to be rendered by the consultant during Phase –I – IT Strategy, Phase –II RFP  reparation and subsequently in Phase – III Project Management and Monitoring.

          The whole activity is divided into 3 phases as under:-

Phase – I ( IT Strategy) – Timelines - 3 Month.

Phase-II: RFP preparation based on IT Strategy approved by the Bank’s Management & selection of System Integrator (SI) – Timelines – 9 month

Phase-III : Project Management, Monitoring of Implementation and other activities to be performed

          The timelines are as under: -

Time line to complete the project in phase wise :

Phase- I (From date of issuance of Work order): IT Strategy  - 3 Months

Phase-II (After completion of phase-I & acceptance of IT Strategy from Board): RFP preparation, selection of System Integrator (SI) and contract finalization - 9 Months

Phase-III (After completion of phase-II): Project Management, Monitoring of Implementation and other activities to be performed - 24 months

Punjab and Sind Bank has 1500+ branches, with majority of its branches located in Punjab state.

The foundation of Punjab and Sind Bank was laid in 1908, when a humble idea to uplift the poorest of poor of the land culminated in the birth of Punjab & Sind Bank with the far-sighted vision of luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. They enjoyed the highest respect with the people of Punjab.