| HDFC Bank and Bangalore-based business solutions software developer Tally Solutions Pvt Ltd (TSPL) today announced a strategic tie-up for developing and offering products and services facilitating on-line accounting and banking services to SMEs (Small and Medium Enterprises).
This will enable HDFC Bank to provide SMEs :
- Upto-the-minute account details, funds transfer and other banking services, integrated with Tally Solution's Accounting and Inventory Management software.
- Ready formats of statutory reports for submission to banks, government authorities and financial
institutions, thereby reducing the hassles of long-drawn procedures.
- On-line updating of accounts and real-time bank reconciliation
TSPL currently develops and sells single user and multi-user accounting, inventory and information management software under the brand name Tally ees 6.3. TSPL will develop a banking module for HDFC Bank which will create a Net-based pipeline between the Bank's system and the customer's Tally ees 6.3 software, whereby the account-holders (SMEs) will have the flexibility of updating their accounts online into Tally ees 6.3 and help in real-time bank reconciliation.
Mr. H. Srikrishnan - Country Head - Operations, HDFC Bank , said, "This is truly a convergence of on-line Banking with the Back-office Accounting where the customer's needs are addressed right on their desk tops."
Mr. Bharat Goenka, Managing Director, Tally Solutions Pvt. Ltd. said , "This is part of our on-going effort to develop leading-edge technologies which provide practical and useful functional enhancements to our customers. This is an important initiative to supplement the Banking interface with Auto-reconciliations in addition to the Accounting, Inventory and MIS features. Going forward, we will add forms online for tax submissions to ensure that Tally remains the single comprehensive business solutions software in the country."
ABOUT TALLY SOLUTIONS PVT. LTD. (TSPL)
Tally Solution's key business area is business solutions software . It started its operations in the year 1988.
Its product, Tally ees 6.3, is the most popular Accounting, Inventory and Information Management software in the country - bigger than all other brands put together according to research done by International Data Corporation. It is used by businesses of all types and sizes. It is used by 48 of the 100 most valuable companies (listed by Economic Times - 500 index of large companies based on market capitalisation). According to the LME 2000 Survey, Tally is used by two-thirds of all large companies (turnover of Rs. 100 crore +) . Tally has the simplest, yet most powerful business management software to handle financial accounting, stock, sales and purchase orders, invoicing, etc.
ABOUT HDFC BANK
HDFC Bank was promoted in 1995 by HDFC, India's premier Housing Finance Company. Since then, HDFC Bank has grown manifold to emerge as India's largest private sector Bank. In a short time, the Bank has provided its customers the complete range of accounts and services such as NetBanking; BillPay facility through PhoneBanking, ATM, and NetBanking; 24-Hour MobileBanking; Net-based instant car loans, Personal loans, Loans against Shares, Car loans; Inter-branch banking; Sweep-In facility from FDs; Cluster Deposits; the International Debit Card; Advisory Services; NRI Banking services and dedicated NRI centres across the country among others.
As part of its focus on the SME segment, HDFC Bank offers value-added services such as Cash Management Services, Business current account with transfer facilities and has recently signed a MOU with COFACE for evolving a credit rating process.
HDFC Bank has won national and international accolades for its pioneering contribution to the development of the Indian Banking industry. It was the only Indian Company to be rated as one of the Top 20 small companies in the world by Forbes Global this year. It is also the recipient of the award for Best Bank - India 1999 and 2000 by Euromoney , and Best Domestic Commercial Bank - India 1999 and 2000 by Finance Asia . It was voted Best Bank in India by Business India magazine. It was also nominated as the Best Private Bank in a Business Today Survey on Banks in 1999.
Today, HDFC Bank has a network of 126 branches and over 175 ATMs across 50 cities, making it convenient for its customers to operate their accounts from anywhere, 24 hours a day and 365 days a year.
In the financial year ended March 31, 2000 , HDFC Bank reported a 45.7 per cent rise in profit to Rs.120 crore, 81 per cent growth in total income to Rs.805.2 crore and 189 per cent rise in deposit base to Rs.8,428 crore. In the Quarter ended December 31, 2000 , HDFC Bank reported a 90 per cent rise in net profit to Rs. 53.72 crore against Rs. 28.17 crore during the corresponding period in the previous year, the total income has risen to Rs. 372.75 crore from Rs. 194.84 crore the previous year. For more information on HDFC Bank, please log onto
http://www.hdfcbank.com/ .
** News item for Indian Tally users only.
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