Eraaya Lifespaces, a fast-growing small-cap company, announced on October 7 that its recently acquired subsidiary, Ebix Cash Limited, has secured a big contract with Punjab National Bank (PNB), one of India’s top public sector banks. The contract, worth about ₹138.75 crore, will last for three years and is for Network Integrating Services.
Under this agreement, Ebix Cash will manage PNB’s vast network, which includes 10,800 branches, 5,000 ATMs, and 4,000 branches of PNB’s Regional Rural Banks. The company will also handle PNB’s Data Centre in Delhi, the Advanced Network Operations Centre, and the Disaster Recovery Centre in Mumbai. Additionally, Ebix Cash will support 13 zonal offices and 131 circle offices.
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Vikas Garg, the leader of Eraaya and Ebix Cash, said, “Today is a special day as we look back on our success and look forward to the growth ahead. This partnership shows our dedication to providing integrated solutions for financial institutions across India.”
More than 1,100 people, including over 600 Ebix employees, will be part of the team ensuring smooth operations, solving technical problems, and managing PNB’s network at over 20,000 locations across the country.
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