e-Kuber is the Core Banking Solution of the Central bank (RBI). The word e-Kuber take from the Lord Kuber (the Lord of wealth in Hindu Mythology), and technology partner for RBI for launching e-Kuber is Polaris Ltd.
The e-Kuber System was implemented in 2012, that is reported to be one of the foremost central bank-oriented Core banking systems worldwide.
Banks have current accounts with the RBI for facilitating their day to day functions. The e-Kuber provides the provision of a single current account for each bank nationwide, with decentralized access to this account from anywhere-anytime using the e-Kuber facility.
The e-Kuber enables ease of operations. Centre and State Governments also can use the e-Kuber platform to update about WMA (Ways and Mean Advances) which is temporary loans given by RBI to governments.
RBI has launched a platform to enable trading in the Priority Sector Lending Certificates (PSLC) through e-Kuber. The capability of consolidating revenue collections by banks through the e-Kuber offers the potential for better flexibility for the Government in managing its finances apart from moving over towards higher levels of electronic banking.
The e-Kuber system can be accessed either through the internet or INFINET (Indian Financial Network). The INFINET is a Closed User Group Network for the exclusive use of partner banks and financial institutions and it is the communication backbone for the National Payments System, that caters mainly to inter-bank applications like Real Time Gross Settlement (RTGS), Government Transactions, and Automatic Clearing House, etc.
In also addition auction of Government securities is done through the e-Kuber system. Sovereign gold bonds are available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e-Kuber system. And Goods and Service Taxes (GST) settlements are also proposed to be done through e-Kuber.
What is a Core Banking Solution?
Core Banking Solutions (CBS) can be defined as a facility that enables banks to offer a multitude of customer-centric services on a 24×7 basis from a single location. It is supporting retail as well as corporate banking activities.
Using CBS, customers can access their accounts from any branch, anywhere, irrespective of where they have physically opened their accounts.
Almost all branches of commercial banks, including the RRBs (Regional Rural Banks), are brought into the core-banking fold. The CBS links all branches of a bank and offers opportunities for information management, better customer service, and improved risk management.