Tata Consultancy Services (TCS) today announced an expanded partnership with Bank of Baroda to continue implementing its financial inclusion solution over the next five years. The deal aims to improve banking services for unbanked populations across India.
Shares of Tata Consultancy Services (TCS) Limited were trading at ₹4,173.40 at 1.25 pm today, down ₹98.50 or 2.31 per cent on the NSE.
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Under the agreement, TCS will deploy its Financial Inclusion Gateway Solution and provide a central infrastructure, including hardware and software for the bank’s data centers. The system can process approximately 1.2 million transactions daily and will support the Bank of Baroda’s network of over 55,000 agents serving over 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.
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This marks the fourth expansion of TCS’s partnership with Bank of Baroda, which started in 2010. The bank currently serves approximately 165 million customers in 17 countries. TCS reported consolidated revenues of $29 billion for the fiscal year ended March 31, 2024, and employs more than 612,700 consultants worldwide.
