Tata Consultancy Services (TCS) announced today an expanded partnership with Bank of Baroda to continue implementing its financial inclusion solution for the next five years. The deal aims to enhance banking services for unbanked populations across India.
The shares of Tata Consultancy Services (TCS) Limited were trading at ₹4,173.40 down by ₹98.50 or 2.31 per cent on the NSE today at 1.25 pm
Under the agreement, TCS will deploy its Financial Inclusion Gateway Solution and provide central infrastructure, including hardware and software for the bank’s data centers. The system can handle approximately 1.2 million transactions daily and will support Bank of Baroda’s network of over 55,000 agents serving more than 60 million customers in unbanked areas.
The solution will facilitate various banking services, including account opening, IMPS and NEFT transfers, along with Aadhaar and debit card-based transactions. It will also streamline enrollment in government insurance and pension schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana.
- Read also:Bank of Baroda approves ₹10,000 crore bond issuance for infrastructure and affordable housing
This marks the fourth extension of TCS’s partnership with Bank of Baroda, which began in 2010. The bank currently serves around 165 million customers across 17 countries. TCS reported consolidated revenues of US $29 billion for the fiscal year ended March 31, 2024, and employs over 612,700 consultants globally.
