TCS Extends Partnership With Bank Of Baroda For Financial Inclusion Solution

Tata Consultancy Services Ltd. has expanded its partnership with Bank of Baroda to continue to implement an end-to-end financial inclusion solution over the next five years. The solution aims to help the bank’s agents better serve customers in unbanked areas.

TCS will deploy its Financial Inclusion Gateway Solution for the bank, provide infrastructure such as hardware and software to be deployed in the bank’s data centres, and help with application support and maintenance. TCS will also manage services in change management of application to implement regulatory requirement and bank business requirements for new services.

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 also aims to ease the process for enrolment into government insurance and pension schemes, such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana, potentially improving service in rural and semi-urban areas. 

“This renewed agreement positions us to leverage TCS' cutting-edge technologies and innovations, further enhancing our operational capabilities and competitive edge. 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 has been a technology partner for Bank of Baroda since 2010, helping strengthen the bank’s digital infrastructure. This is the fourth extension to a nearly 15-year partnership between the two organisations. 

“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.