In India, RBI chooses two of the four Fridays in a month as reporting Fridays when banks have to maintain prescribed reserve ratios. Banks which do not maintain these ratios have to pay considerable penalties and, in order to avoid such penalties banks tend to maintain excess reserves. This is largely due to banks not being able to obtain timely data from their branches. This results in blocking of resources into non-lucrative cash and government securities rather than being profitably deployed as loans or call money.
HORSY is a unique tool used to manage resources effectively and efficiently using cost effective and simple technology.
Key Features :
HORSY has been specifically designed for Indian conditions.
HORSY operates on a low end, stand alone PC and dial-up modems making it a very cost effective system.
HORSY sends data electronically which reaches the head office in seconds.
HORSY allows multiple currencies enabling effective reporting of FCNR deposits and treatment of NRE / NRO funds as independent currencies.
Head Office can create multiple reporting templates for different branches.
HORSY sends reports as structured messages hence data from thousands of branches can be consolidated in minutes.
System Features :
Structured Report Formats
Reports are presented in a structured format allowing an interface to the Head Office baseline system.
Multiple Report Capabilities
HORSY allows branches to create any number of reports allowing Head Office to make multiple investment decisions. Head office can also use HORSY for weekly DTL reporting.
Microsoft Excel Interface
HORSY interfaces to Microsoft Excel allowing Head Office to conduct ad-hoc data analysis.
HORSY uses Server Passwords, Testkeys, Symmetrical Encryption, Public Key Infrastructure (PKI) based Asymmetrical Encryption and Hardware tokens making it a highly secure system.
HORSY is a Windows based product having a graphical interface allowing officers with little or no computer exposure to easily use the system.
Unlike most systems which are cost centers,HORSY allows a bank to generate profits by effective money market operations.