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Trust Fintech Secures Core Banking Solution Deal with Hanumanthanagar Co-operative Bank
Team Finance Saathi
06/Jan/2025
What's covered under the Article:
- Trust Fintech Limited has received a work order from Hanumanthanagar Co-operative Bank for core banking solutions.
- The project involves supply, implementation, and maintenance of core banking technology worth Rs. 62.89 lakh.
- The work order is awarded by a domestic entity, with no related-party transactions involved.
Trust Fintech Limited, a prominent player in the fintech sector, has recently announced that it has secured a significant work order from Hanumanthanagar Co-operative Bank, located in Bengaluru, Karnataka. This order involves the supply, implementation, and maintenance of a state-of-the-art Core Banking Solution (CBS), a critical component for modern banking operations. The total value of the project is Rs. 62,89,000 (approximately Sixty-Two Lacs Eighty-Nine Thousand).
This development marks a significant milestone for Trust Fintech Limited as it expands its footprint in the Indian banking technology space. The order is not only a testament to the growing demand for banking solutions in India but also highlights Trust Fintech’s capability in handling large-scale banking projects. The work order is awarded by Hanumanthanagar Co-operative Bank, a domestic entity, indicating the ongoing trend of local banks upgrading their technological infrastructure to stay competitive in the ever-evolving financial landscape.
The project will encompass various critical tasks, including the supply of the Core Banking Solution, implementation of the system, and its maintenance over time. The Core Banking Solution is a key requirement for banks as it enables seamless integration of banking operations across various branches, ensuring efficient management of accounts, transactions, and services. This work order reflects the trust placed in Trust Fintech Limited to deliver a robust and reliable solution that meets the high standards required by banking institutions.
One of the key aspects of this transaction is that it does not involve any related-party transactions. Trust Fintech has clarified that neither the promoter group nor any group companies have any interest in Hanumanthanagar Co-operative Bank, making the deal transparent and in line with SEBI (Listing Obligations and Disclosure Requirements) Regulations. This ensures that the order is awarded at arm’s length, adhering to the highest standards of corporate governance.
The total project price of Rs. 62.89 lakh reflects the investment required for implementing and maintaining the core banking system, which will serve as a foundation for the bank’s future growth and operational efficiency. With increasing competition and demand for better customer experiences in the banking sector, Hanumanthanagar Co-operative Bank’s decision to modernize its technology stack with Trust Fintech is a strategic move to enhance its service offerings.
Trust Fintech Limited has been making waves in the Indian fintech market, providing cutting-edge technological solutions to financial institutions. This core banking solution will not only optimize operational efficiency for Hanumanthanagar Co-operative Bank but also ensure better compliance, security, and customer service. As the banking sector continues to embrace digital transformation, this partnership represents a key milestone in Trust Fintech Limited’s ongoing efforts to support the modernization of India’s banking infrastructure.
This project is also significant in the context of domestic growth in the banking technology sector, where local companies are increasingly taking the lead in offering sophisticated solutions. Trust Fintech’s ability to secure such high-value contracts with leading domestic banks is a clear indicator of its growing reputation and expertise in the fintech space.