Reserve Bank of India chooses Intellect's Quantum Core Banking solution

Friday 4 March 2022 12:48 CET | News

Reserve Bank of India (RBI) has chosen Intellect, a cloud-native fintech, to implement the upgraded version of the Cloud-Native Intellect Quantum Core Banking solution.

RBI implements various monetary policy tools, managing foreign exchange reserves, managing currency in circulation, regulating the banking industry, and managing public debt, collections, and payments to the federal government, state governments, and union territories.

The entire central banking operation of RBI is currently being supported by Intellect’s Quantum Central Banking Solution, called e-Kuber in RBI, Government of India and in the Indian Financial Systems.

The next generation Intellect Quantum solution is built on API first, cloud-native, and cloud-agnostic microservices architecture supported by a rich set of packaged business components. The solution enables the RBI to manage multiple activities such as supporting India’s Treasury Single Account with real-time balance position for various government entities.

RBI will deploy the entire QCBS platform on a scale private cloud enabling a contextual user experience. Intellect will also provide a new Government Portal for Government entities with real time multi-dimensional dashboards along with modernising the existing commercial banking portal.

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Keywords: Reserve Bank of India, banks, central bank, cloud, digitalisation
Categories: Banking & Fintech
Countries: India
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Banking & Fintech

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