Infosys Finacle to offer digital banking SaaS to urban cooperative banks in India

Infosys Finacle, a wholly-owned subsidiary of Infosys, on Thursday after the market hours announced its digital banking software-as-a-service (SaaS) offering, designed as an accessible solution to help Indian urban cooperative banks (UCBs).  

It has been designed with an intention to modernise business & operations. The platform has already been adopted by Vidya Sahakari Bank, Urban Co-operative Bank as well as Bareilly & Zoroastrian Cooperative Bank.   

Reacting to this, the company’s stock today increased by 1.26 per cent and made a 52-week high of Rs 1,515.95 per share. The stock of the company has increased by 115 per cent from its decline in June 2020.  

Infosys Finacle helps financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions, and ubiquitous automation. Banks in over 100 countries rely on Finacle to service more than a billion consumers & accounts.   

According to BSE data, the stock traded at a P/E multiple of 35.34 and a price-to-book ratio of 8.92. The stock has a 52-week high and a 52-week low of Rs 1,515.95 and Rs 692.30, respectively.  

At 12.55 pm today, the share of the company was trading at Rs 1,500.05 per share on BSE, up by 0.20 per cent.