rhytha wrote:SaraLax wrote:
Many may know that Finacle is Infosys's banking software product. In 2009 - during UPA-2's rule Mr.Nandan Nilekani (an INC politician & co-founder of Infosys) was provided with a Cabinet Ranking ministerial position by the then PM ... Dr.Manmohan Singh & Nilekani was managing the UIDAI setup. I am left wondering if this could well be a conflict-of-interest type scenario and whether RBI or whoever was the related banking regulator entity or even the CAG - was OK with this instance of a Central government recommending a CBS solution to its PSUs that would lead to profits for one of its own party politician ?.
The PSU bank in which my father was working was made to abruptly change over (during UPA-2 rule) from their own Unix OS & Informatics DB based in-house CBS solution to the costlier Finacle type CBS solution. The bank lost a lot of its customers due to the various issues encountered during its banking software transition.
As much as I hate Infosys, it's better to create our own zaibutsu/cheabols. Else it will be easy pickings for foreign owned companies. I am ok with the Ambanis and adanis with prefential treatments, because that's the only way to create large companies of scale, create jobs of scale, increase productivity and have deep pockets to with stand recession or what nots.
Our industries and business are too small at this stage to stop any external onslaught. For example compare micromax/lava vs the Chinese mini/oppo
But an Indian company (Polaris) who specializes in the financial sector was replaced by another Indian company. I don't see how this benefitted India overall vs foreign competition. Polaris is not a tiny company either, it has a sizeable presence in TN. It looks like favoritism shown to Infosys, though at this point its hard to prove and its all another conspiracy theory.
I would however support the idea of banks running on a small set of locally developed and standardized CBS instead of running homegrown ones.