ERA InfoTech, a joint venture of Bank Asia, Ranks ITT and ETA InfoTech LLC of Dubai, won the contract to supply and maintain the core banking software of Palli Sanchay Bank.

The company will install the online banking software at all branches of Palli Sanchay Bank and will maintain the architecture for six years.

The agreement was signed yesterday by Akbar Hossain, the bank's acting managing director, and Md Serajul Islam, chief executive of ERA InfoTech, at an event held at the finance ministry. Finance Minister AMA Muhith also spoke on the occasion.

Palli Sanchay Bank is the culmination of the government's 'One House One Farm' project by way a special act in 2016. The bank will have a branch in each of the 492 upazilas.

Data on 325 branches have already been transferred from the project to the bank, Palli Sanchay said in a statement. Work for transferring the data from another 160 branches is on way.

By March next year, data on transaction of 22 lakh members from 40,216 co-operatives in 485 branches will be transferred.

The bank members have so far saved Tk 1,142 crore, according to Hossain.

Muhith said Palli Sanchay Bank will play a huge role in alleviating poverty in Bangladesh.

"After 2024 there will be no poor in the country."

It does not mean that 100 percent of the population will be free from poverty; the handicapped section of the society, which account for 7 percent of the population, will still remain in poverty, he added.