India's third largest IT firm, Wipro has bagged a 10 year contract with public sector unit, Punjab & Sind Bank. Through this contract, Wipro will centralize the banking operations of the bank. The company has said that the deal is worth above Rs. 100 crore.

"We have signed an IT outsourcing deal with Punjab and Sind Bank and its worth upwards of Rs 100 crore," Wipro Senior Vice-President and Business Head (India and Middle East) Anand Sankaran said.

As a part of the deal, Wipro would be responsible for system integration, provisioning and management of Finacle core banking solution and enterprise applications. This would imply 24 hour management of the bank's IT infrastructure including networking and computing platforms.

Wipro will also be managing the data center and disaster recovery center of the bank. This IT revolution is expected to change the bank's IT environment thereby offering innovative banking services.

"The vision of the bank is to leverage technology to achieve business transformation. We are re-engineering our IT processes and applications to deliver superior quality service and products to accelerate business growth and achieve operational excellence," PSB Chairman and Managing Director G S Vedi said.

"Wipro's total outsourcing framework and strong programme governance will ensure the application suite and the underlying infrastructure is aligned to PSB's business needs. We are confident that PSB will set new standards in banking services and customer relationship management in the years to come," said Anand Sankaran, senior vice-president and business head, India and Middle East, Wipro.

The company has similar pacts other state-run and private sector lenders like Axis Bank, Union Bank of India, ICICI Bank, Vijaya Bank and Oriental Bank of Commerce.