BHOPAL | March 03, 2026 : Xtranet Technologies Private Limited has reached a landmark
milestone in the digital financial infrastructure space. As a pivotal member
of a strategic consortium, the company has secured a massive ₹108.77
crore contract to modernize the core banking systems across the state of
Haryana.
Selected under NABARD’s national RFP framework, the consortium
with Xtranet at the helm of technical execution will spearhead the digital
overhaul for The Haryana State Co-operative Apex Bank Ltd (HARCO Bank)
and its network of 19 District Central Cooperative Banks (DCCBs).
Digital
Transformation at Scale: 615 Branches
The mandate is one of the largest of its kind in the cooperative
banking sector. Representing the total order value for the consortium,
the project covers a sprawling network of 615 branches. Xtranet’s
specialized role involves migrating the entire ecosystem from the legacy
Finacle 7.x platform to the state-of-the-art Finacle 10.2.25.
The project is a total infrastructure modernization, with the
contract encompassing:
● Comprehensive Data Migration: Moving millions of records with zero downtime.
● 5-Year Managed Services: Operating under the ASP (Application Service Provider) model
to ensure long-term stability.
● Mission-Critical Deadline: Full migration is scheduled for completion by August 31,
2026.
From
Service Provider to Infrastructure Platform
This win signals a strategic pivot for Xtranet within the
consortium framework. While many IT vendors focus on short-term projects,
Xtranet is positioning itself as a Banking Infrastructure Platform Company.
By operating within the mission-critical layers of the banking
ecosystem—handling core platforms, regulatory compliance, and transaction
resilience Xtranet has moved from being a traditional vendor to a “partner
in sovereignty” for India’s financial institutions.
“This
isn’t just about code; it’s about the resilience of the financial system,”
a company spokesperson noted. “By modernizing the core architecture of 20
banks simultaneously as part of this consortium, we are ensuring that the rural
and cooperative banking sectors in Haryana have the same digital firepower as
the biggest private players in the country.”
Strategic
Financial Impact
The ₹108.77 crore total contract value significantly strengthens
Xtranet’s order book visibility for the next half-decade. The inclusion of five
years of managed services ensures a steady, predictable revenue stream while
reinforcing the company’s reputation for delivering complex, large-scale
government and semi-government mandates alongside its consortium partners.
As the August 2026 deadline approaches, all eyes will be on
Xtranet as they execute one of the most ambitious cooperative banking upgrades
in recent Indian history.
