Logica has announced a £11 million contract with the Reserve Bank of India (RBI) to provide a new generation of high value payments systems, a new core banking system and Logica's Quaestor product suite for all participating banks and financial institutions.
Under the agreement, Logica will implement a national Real Time Gross Settlement (RTGS) system which will allow all the banks in India to make secure inter-bank payments across the country. The Quaestor product suite has been named as the specified interface which will enable the country's 205 commercial banks and financial institutions to connect to the RTGS system.
At the central bank, the new core banking system will run in Mumbai with Logica's Quaestor Banking System as the front-end. It will cover all the general transactions and central accounting of the RBI, including the bank's general ledger. Full disaster recovery capabilities will also be provided by Logica.
Dr R B Barman, executive director of the RBI, comments: "With this RTGS project, the RBI plans to implement a world-class national payments infrastructure for India. We conducted a very extensive selection process as per the guidelines prescribed and selected Logica because of their experience of implementing national RTGS systems in over 13 countries worldwide."