Functioning under the NABARD umbrella, the Himachal Pradesh State Cooperative Bank has taken a major step towards technological advancement by signing a Service Level Agreement (SLA) with Infosys subsidiary M/s EdgeVerse Systems, Bangalore, and M/s Dynacons Systems & Solution Ltd, Mumbai.
The agreement paves the way for upgrading the bank’s existing Core Banking Solution (CBS) to the latest version, Infosys Finacle 10.2.25.
The SLA was formally signed by the bank’s Managing Director Sharwan Manta and representatives of the agencies in the august presence of Chairman Davender Shyam and NABARD’s CGM, Shimla, Dr. Vivek Pathania.
Following the agreement, the process of data migration to the upgraded system has begun and is targeted to be completed by March 2026.
Chairman Davender Shyam called the initiative “historic,” stating that the previous CBS had become outdated, leading to customer inconvenience and affecting the bank’s performance. The current Board of Directors, constituted in 2023, made the decisive move to adopt a modern, efficient, and customer-friendly platform to meet the demands of a fast-evolving banking landscape.
Managing Director Manta said the upgraded Finacle version will strengthen cybersecurity, improve banking operations, and allow the bank to provide a full range of digital services, including UPI-based offerings, on par with nationalized and private banks.
The initiative is expected to boost business, improve customer satisfaction, and attract younger clientele, marking a new era of digital banking in the cooperative sector.
That’s awesome, Cooperative empowers the true spirit of India. Congratulations to HP State Cooperative Bank.