Eraaya Lifespaces Ltd’s Ebix Cash Secures ₹138.75 Crore Contract with Punjab National Bank

Eraaya Lifespaces Limited recently announced that its Indian flagship subsidiary, Ebix Cash Limited, has secured a major contract for Network Integrating Services with Punjab National Bank (PNB), one of India’s leading public sector banks. 

Valued at approximately ₹138.75 crore, this contract extends for another 3 years, further establishing Ebix Cash’s capabilities and dominance in the critical banking sector, which plays a pivotal role in driving inclusive growth and improving access to banking services nationwide.

Since 2021, Ebix Cash has been managing PNB’s enterprise-wide network across India, and the renewal of this contract, effective from October 1, 2024, underscores the bank’s trust in Ebix’s services. The contract covers a vast operational scope, encompassing PNB’s extensive infrastructure, which includes 10,800 branches, 5,000 ATMs, and 4,000 branches of PNB-sponsored Regional Rural Banks.

In addition to managing this extensive network, Ebix Cash will oversee PNB’s state-of-the-art Data Centre located in Delhi, the Advanced Network Operations Centre, and the Disaster Recovery Centre in Mumbai, as well as 13 zonal offices and 131 circle offices. To support these operations, a dedicated team of over 1,100 personnel will be deployed, including more than 600 Ebix employees, complemented by a robust network of field staff. 

This workforce will be responsible for addressing technical issues on-site, conducting preventive maintenance, and ensuring seamless coordination across over 20,000 locations. This contract not only reinforces Ebix Cash’s commitment to operational excellence but also enhances the banking experience for PNB customers across the nation.

Mr Vikas Garg, the entrepreneur steering Eraaya and Ebix business, stated, “Ebix stands at the threshold of an extraordinary journey, defined by resilience and an unwavering commitment to excellence. Today marks a pivotal moment as we reflect on our achievements while embracing the promising resurgence that lies ahead following our acquisition of Ebix Inc. Our dedicated team is diligently streamlining operations and leveraging our core strengths.”

He further added, “This journey transcends mere figures; it centres on our people. We are actively listening to our patrons, refining our strategies, and rejuvenating our brand. The positive feedback we’ve received has been overwhelmingly encouraging. Our success is built on the steadfast support of our employees, the trust of our stakeholders, and the loyalty of our customers. Together, we are forging a path filled with opportunities and possibilities, while prioritising sustainability, technological advancement, and collaboration.” 

The company stated that this renewed collaboration with PNB not only reinforces its commitment to excellence but also positions Ebix as a leader in delivering integrated network solutions that empower financial institutions across India. 

On October 7, 2024, the share price of Eraaya Lifespaces Ltd opened at ₹3,051.00, touching the day’s low at ₹2,895.85, as of 11:15 AM on the BSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.