Team Blitz India
Dynacons Systems & Solutions Limited, a technology solutions provider, announced last week that it had secured a contract worth Rs 233 crore from the National Bank for Agriculture and Rural Development (Nabard). The contract, it added, encompasses the upgradation and migration of core banking solution from Finacle 7.0 to Finacle 10.2.25, operating on the application service provider model. The scope of the contract includes serving 1391 branches of 38 state co-op banks across eight states.
“Under the terms of the contract, Dynacons will deploy its comprehensive suite of services, encompassing consultancy, implementation, customisation, and ongoing support. Leveraging its domain knowledge and technical expertise, Dynacons aims to minimise disruptions to banking operations while maximising the benefits of the new Finacle platform,” the company said in a regulatory filing.
The project scope includes core banking solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.
The contract is structured on an operating expense (opex) basis, ensuring recurring revenue streams throughout the duration of the agreement. This model not only provides financial predictability for both parties but also aligns incentives for ongoing support and innovation. Additionally, other cooperative banks associated with Nabard can also place their order and participate in this initiative, further extending the benefits of modernised banking solutions across the co-operative banking sector.
