I have to implement a solution which will translate the sms alerts generated from a core banking system into languages like "Hindi" and various Indian native languages.
What should be the approach provided I already have all types of alerts which are being sent currently in English.
Thanks in advance.
Use resource files and move the alert texts to them. Even if it's dynamically generated texts you should be able to extract the correct text using either conditional logic or a chain of responsibility type architecture.
Here is a good intro to resource files in .NET: resx on MSDN