UBI retracts charge, Infy says no glitch in Finacle

Tags: News
Within 24 hours of blaming its current crisis on the core banking platform from Infosys Finacle, in its filing before the stock exchanges, Kolkata-headquartered UBI and Infosys Finacle on Thursday jointly came out with a ‘clarification’.

“We would like to clarify that there are no inherent deficiencies in Finacle. The version of the NPA tool currently used at UBI needed certain additional customisations to meet our specific needs, which are feasible and are being addressed now. We value the strong relationship we have shared with Finacle for many years. We regret any miscommunication created otherwise,” Deepak Narang, executive director, UBI, said on Thursday.

Significantly, in its filing before stock exchanges, UBI on Wednesday had said, “The core banking system (CBS) of the bank is based on Finacle used by many other banks. The system has inherent deficiencies to correctly identify NPA in case of certain categories of borrowers like Kisan Credit Cards and restructured accounts, cash credit and overdraft overdrawn continuously for more than 90 days.”

Haragopal M, global head, Infosys Finacle also said on Thursday, “It is inaccurate to say that Finacle has inherent deficiencies in any form or manner. Finacle’s NPA module has been adopted by and is running successfully in leading banks across India.

ritwikmukherjee@mydigitalfc.com

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