“The application can process around 12 lakh transactions a day and will help the bank’s 55,000-plus agents better service over 6 crore customers in unbanked areas,” TCS, India’s largest IT major, said in a statement.
The financial details of the deal were not disclosed.
The five-year deal is a part renewal building on the 15 year-partnership between the two companies established since 2010.
This is the fourth extension to a nearly 15-year partnership between TCS and Bank of Baroda, which has around 165 million customers across 17 countries, the statement said.
Indian India’s top software service exporters including TCS and Infosys are diversifying across emerging market geographies such as India and Middle East, beyond their traditional strongholds like North America and Europe to future-proof their business in an increasingly volatile technology market.
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As part of the expanded deal, TCS said it will deploy its TCS Financial Inclusion Gateway Solution for Bank of Baroda, provide central infrastructure including hardware and software to be deployed in bank data centres, and help with application support and maintenance. It will also manage services in change management of application to implement regulatory requirement and bank business requirements for any new services, as and when required.Apart from supporting banking services such as account opening and IMPS and NEFT transfers, this application will process financial and non-financial transactions such as Aadhaar and Debit card-based transactions. It will also ease the process for enrolment into critical government insurance and pension schemes (Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana), helping the bank provide better service to its customers in rural and semi-urban areas, the statement added.
“This renewed agreement positions us to leverage TCS’s cutting-edge technologies and innovations, further enhancing our operational capabilities and competitive edge. A long-term arrangement such as this ensures stability and allows us to strategically plan and allocate resources to continue bridging the financial gap for unbanked and underserved populations,” said Vimal Kumar Negi, general manager, financial inclusion and corporate social responsibility, Bank of Baroda.
“TCS is proud to have partnered with Bank of Baroda for nearly 15 years in building a robust Financial Inclusion ecosystem. Together, we have enabled the establishment of 55,000 touchpoints across the country, bringing essential banking services to the unbanked population,” said Manoj Indulkar, vice president and operations head, India business, TCS.
