VSoft's Core Banking Solution set to replace DOS based solution for Arihant Cooperative Bank Ltd., Mumbai

VSoft Technologies, a global information and technology provider of process improvement solutions for financial institutions, today announced that Arihant Cooperative Bank Ltd. (ACBL), Mumbai has decided to implement SuVikas, VSoft’s Core Banking Solution. With the completion of the implementation, VSoft’s Core Banking Solution will replace the existing DOSbased solution that has various limitations in terms of efficiency, usability, and service innovation. With SuVikas, a webbased solution from VSoft, ACBL will not only be able to offer new innovative services such as SMS alerts and Internet banking to its customers but also be able to take better investment and product launch decisions.

Commenting on the agreement with VSoft, Mr. Mahendra Khona, Chairman, Arihant Coop Bank, said, "We took the big leap towards technology upgradation in this silver jubilee year for the bank to improve overall efficiency and provide innovative services to our customers. In our search for a core banking vendor, VSoft stood out with their impressive product architecture and service offered for a relatively lower total cost of ownership”.

Speaking about the implementation, George Verghese, Vice President, Sales, VSoft Technologies, said, “We are very glad to partner with ACBL in their efforts to improve customer service and achieve enhanced growth. We are confident that our costeffective solution will meet all their needs and give them the required competitive edge”.

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About SuVikas: SuVikas is a premier, costeffective core banking solution developed by VSoft Technologies for cooperative banks in India. SuVikas is a userfriendly, flexible and selfsupporting application that permits easy performance, improves overall management efficiency and enables banks to concentrate more on the business of finance without much concern about IT.

About Arihant Coop Bank Ltd., Mumbai The Arihant Coop Bank was started in 1984 by well educated, socially devoted, duty conscious, selfless KDO Jain community youths, with Paidup share capital of Rs.5 Lacs and membership base above 2100. Since its inception, ACBL is a profit making, dividend paying bank holding an "A" Class Audit certificate by the Statutory Auditors and is classified as Grade1 Bank by the RBI. The working capital of the bank as on March 2008 is Rs. 137.31 crore. The bank was awarded “Best Coop Bank” in its category by the Maharashtra State UCBs Federation, Mumbai in the year 2004 and won Maharashtra Gaurav Puraskar for Performance Excellence in Coop Banking Sector 2004 and 2006. Since 1994, the bank adopted self developed computerized working programme and all the 5 branches and the Head office have direct connectivity providing any branch banking facility to the customers. The Reserve Bank of India has announced new norms for issuing license for opening new branches. More information about the bank can be found at http://www.arihantbank.com/

About VSoft Technologies A global information and technology provider of process improvement tools for financial institutions, Atlantabased VSoft Technologies has been offering scalable, flexible solutions since its inception in 1996. Led by industry experts with proven track records in excellence, VSoft Technologies is proud of its ability to provide technology designed for easy implementation and migration from the proprietary banking systems of the past. VSoft’s experienced systems integration teams ensure that every customer gets the VSoft Advantage. VSoft Technologies has multiple products, services and support that cover back office, operations, Check Truncation, and retail functions. These solutions are designed to maximise core efficiencies, while reducing operational costs. More information about the company can be found at www.vsoftcorp.com