Patanjali Forays Into Banking Sector With 360 ERP System

Patnjali's new CBS software aims to revolutionise digital banking in India, following successful ERP, DSM and HIMS solutions.

Patanjali aims to increase the inclusivity in India's banking system.

Source : ABPLIVE AI

Patanjali ERP System: Patanjali Group has announced its strategic entry into the Indian banking sector. The company's technology branch, Bharuwa Solutions Private Limited (BSPL), has launched an AI-based, multilingual 360° banking ERP system. The company claims that this next-generation platform is designed to revolutionise digital banking by empowering regional, cooperative, and small financial institutions with intelligent, inclusive, and compliant technology.

Patanjali stated, "Bharuwa's state-of-the-art CBS platform (B-Banking) is designed to address four key challenges that have long hampered innovation and inclusivity in India's banking ecosystem."

Language Inclusivity

With India's linguistic diversity, most banking services are limited to English. BSPL's bilingual solution enables banks to serve customers in both English and their local language, for example, Gujarati in Gujarat, Punjabi in Punjab – ensuring accessibility and ease of use for all citizens.

Enhanced Security

The platform incorporates cutting-edge AI and cybersecurity protocols to provide comprehensive security for data, transactions, and digital interactions.

Process Efficiency

Designed for end-to-end banking transformation, the system boasts robust capabilities including API banking, MIS, HRMS, ERP modules, AML tools, and workflow automation for seamless operations and compliance.

Regulatory Compliance

Fully aligned with the Official Languages Act, 1963, and Supreme Court directives, this solution ensures compliance with government orders for bilingual software in financial institutions.

Patanjali Group's Founder and Managing Director, Acharya Balkrishna, expressing his commitment to technological inclusion, stated, "India is a multilingual nation, yet our banking infrastructure primarily operates in English, leaving the majority marginalised. Bharuwa Solutions is launching a transformative product that is technologically superior, functionally comprehensive, and linguistically inclusive, aligning with the Official Languages Act 1963."

A significant step towards empowering India - Balkrishna

He added, “In this age of AI (Artificial Intelligence) and machine learning, it is time that our rural, semi-urban, cooperative and small finance institutions get access to the same technology as public and private sector banks. This initiative is a significant step towards empowering India in every sense. To realise this vision, Bharuwa Solutions has partnered with Natural Support Consultancy Services Private Limited, a veteran company in the bilingual banking space, which has achieved the efficiency of automating over 5,000 bank branches for surround products like ALM, LOS, MIS etc. since 1999.”

What is BSPL's objective?

Patanjali has stated, "Bharuwa and Natural Support Consultancy Services Private Limited aim to provide a comprehensive 'bank in a box' solution that combines frontend excellence with a powerful backend infrastructure in an all-in-one platform. It seamlessly integrates with the core banking system (CBS) and supports services such as internet and mobile banking, AI-powered search, eKYC, CKYC, PFMS integration, SMS banking, KCC IS portal, AML, HRMS, CSS, MIS, DSS and ERP, HRMS, etc, backend processes."

This holistic offering is designed to enable digital transformation in state cooperative banks, district central cooperative banks, urban cooperative banks, NBFCs and other financial institutions across India and in the international market, particularly in regions with multilingual banking needs.