eKuber revolutionizing Indias’ Banking Sector

          eKuber is the name of the Core Banking Solution running Reserve Bank of India unified accounting systems.

          eKuber integrates RBIs  operations across all its departments and offices. The RBI has 22 regional offices, most of them in state capitals.

          Competitive and non-competitive bids for Government securities also have to be submitted in electronic format on the RBI's Core Banking Solution (E-Kuber) system.

          In view of the benefits of direct membership in NPCIs Cheque Truncation System (CTS), cooperative banks are also opening accounts in the nearest RBI branch. With an account in the eKuber CBS, the cooperative banks can provide the benefits of CTS to their customers.

24/08/2013 – IOB Branches full day working

            On 19/08/2013, i.e just after Sunday, Indian Overseas Bank customers experienced a major disruption in service. This disruption was due to a severe technical glitch in its CBS (Core Banking Software).

            The customers were allowed withdrawals based on 17/08/2013 i.e Saturday day-end balances.

            In the recent past, this was the first instance wherein a major Banks CBS was down for a full working day.

            The present IOB CBS has been developed in-house, and very recently, it has appointed Ernst & Young, as consultants to freeze a new CBS software.

             At the same time, it is also looking to monetize its investments in the stand-alone CBS.

            Reserve Bank of India had advised IOB to shift to Oracle based CBS, as that would have helped in RBIs Automated Data flow system.  

            By 20/08/2013, IOB customers could withdraw monies based on their latest balance. However, it had a cascading effect on clearing operations.  It took another 2 days to stabilize clearing operations.

            In today’s eBanking era, disruption of CBS in any medium/major bank even for an hour creates havoc in the schedules of its customers.

The Hindu