Ujjivan to invest Rs 300 crore in IT for proposed small finance bank

MUMBAI: Small finance bank licensee Ujjivan Financial Services will invest Rs 300 crore on IT and Mobility Solutions over next 5 years for its proposed bank venture. The services will be sourced from IT giants like Wipro, Infosys, Oracle, Microsoft, and Cisco, the company said in a statement.

“To support the high volume business and to meet security and compliance requirements of different regulatory authorities, strong and secure systems are required at the core,” Deepak Ayare, Chief Information Officer, Ujjivan Financial Services said. “We have selected all proven software’s in Banking Technology after carefully evaluating each system for the specific requirements. We are creating a strong IT backbone for the upcoming Small finance bank.”

A team of more than 125 professionals will manage the IT department for the proposed bank. Ujjivan has appointed Wipro as the Systems Integrators to implement different Banking Technology Systems for its proposed banking operations.

Ujjivan will be focusing highly on mobility solutions and will implement mobile technology using mobiles and handheld devices to reach the rural customers. “We are endeavouring for our customers to feel comfortable banking with us from wherever they are without the constraints of time and space,” Ittira Davis, Head of Transition, Ujjivan Financial Services said.