India's Punjab and Sind Bank (PSB) has handed a $21 million ten-year IT integration project to Wipro after dissolving an earlier contract with Satyam Computer Services.
Under the agreement, Wipro will be responsible for system integration, provisioning and management of the Finacle core banking platform and enterprise applications to PSB branches across the country.
An earlier agreement with Satyam in 2006 was terminated last year after the troubled outsourcing firm failed to fulfil all PSB's criteria. This followed revelations that Satyam founder and chairman B Ramalinga Raju had been inflating the company's profits for years, leaving a $1 billion hole in the balance sheet.
As part of the new programme, Wipro will also undertake commissioning and management of the bank's data centre and the disaster recovery centre, and service and support operations.
Sardar G.S.Vedi, PSB chairman and MD says: "The vision of the bank is to leverage technology to achieve business transformation. We are re-engineering our IT processes and applications to deliver superior quality of service and products to accelerate business growth and achieve operational excellence."