Bangalore, March 10 (IANS) Global software major Wipro Infotech Thursday signed a five-year deal with state-run Canara Bank to implement its regional rural bank initiative.

To begin with, the IT bellwether will provide its core banking solution to the three regional rural banks sponsored by the bank - Pragathi Gramin Bank in Karnataka, South Malabar Gramin Bank in Kerala and Shreya Gramin in Uttar Pradesh, the company said in a statement here.

"The initiative will enable the bank to achieve financial inclusion and bring low-cost banking services to the rural masses. The core banking solution will facilitate efficient internal operations for the three rural banks in offering innovative products and services at optimum costs," Wipro vice president Anand Sankaran said.

The bank aims to integrate about 900 branches and offices in a phased manner with extension counters, training centres, data centre, disaster recovery centre and network operations centre.

"The partnership is a major step towards technology enablement and process transformation of regional rural banks in offering efficient banking services to the rural masses and enlarge the clientele base to drive financial inclusion," Sankaran noted.

The company won the contract in a competitive bidding in which global and Indian IT majors participated.

Earlier, Wipro bagged a five-year total outsourcing deal with Central Bank of India for its seven regional rural banks and a seven-year similar deal with UCO Bank for its five sponsored rural banks.