Reserve Bank of India has appointed Polaris Software to install intellect core banking solution (CBS) in its office. The announcement of this appointment was made by Polaris.

As per the deal, Polaris will be responsible for integration as well as maintenance of the software in the central bank for a tenor of 10 years. The deal has a valuation of $55 million.

The apex bank had been planning since long to bring into practice a centralized system which would integrate all banking operations of all regional RBI offices and also bring the system at par with the current IT requirements.

The CBS would also add to security in the operational domain with security features like internal account numbers, tamper-proof database, PKI-supported transaction execution and storage, security in account operations amongst others.