Infosys Ltd released a statement quoting the executive director of United Bank of India as saying that there ere no inherent deficiencies in Infosys’ banking software Finacle.
United Bank had blamed the software for miscategorizing healthy accounts as non-performing assets earlier this week.
Finacle has “inherent deficiencies to correctly identify NPA in certain categories of borrowers”, United Bank had said, adding that these deficiencies have yet not been addressed.
In a statement released in the evening today, United Bank further clarified that issues were not with the software, but with certain customizations.
“We would like to clarify that there are no inherent deficiencies in Finacle. The version of the NPA tool currently used at UBI needed certain additional customizations to meet our specific needs, which are feasible and are being addressed now. We value the strong relationship we have shared with Finacle for many years. We regret any miscommunication or misconception created otherwise,” Deepak Narang, executive director of the bank, has been quoted as saying.
Infosys also quoted Haragopal M, head of Finacle as saying : “It is inaccurate to say that Finacle has inherent deficiencies in any form or manner. Finacle’s NPA module has been adopted by and is running successfully in leading banks across India. No bank has raised any issues regarding the performance of Finacle’s NPA module.”