TCS Expands Partnership with Bank of Baroda to Enhance Financial Inclusion in India
Tata Consultancy Services (TCS) has announced an expanded partnership with Bank of Baroda to continue implementing its financial inclusion solution for the next five years. The deal is aimed at enhancing banking services for unbanked populations across India.
Under this agreement, TCS will deploy its Financial Inclusion Gateway Solution, which will provide essential infrastructure for the bank’s data centers. This includes both hardware and software, ensuring that the system can handle approximately 1.2 million transactions daily. The solution will support Bank of Baroda’s network of over 55,000 agents, who currently serve more than 60 million customers in unbanked areas.
The new system will enable various banking services, including account opening, IMPS and NEFT transfers, as well as Aadhaar and debit card-based transactions. Additionally, it will streamline the enrollment process for government insurance and pension schemes, such as the Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana.
This partnership marks the fourth extension of TCS’s collaboration with Bank of Baroda, which began in 2010. The bank now serves around 165 million customers across 17 countries.
Meanwhile, TCS shares were trading at ₹4,173.40 on the NSE at 1:25 pm today, down by ₹98.50 or 2.31%.
For the fiscal year ending March 31, 2024, TCS reported consolidated revenues of US $29 billion and employs over 612,700 consultants worldwide.
