BackTCS extends partnership with SBI for tech solutions
As part of the new contract, TCS will help enhance SBI’s application estate around core banking areas and financial inclusion for a further five years
PremiumIT service provider Tata Consultancy Services (TCS) on Wednesday announced that its partnership with India's largest lender State Bank of India (SBI) has been extended for another five years to drive innovation and tech solutions.
As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate around core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes, TCS informed in an exchange filing today.
“The extended partnership builds on a two-decades long relationship between the two partners, that began with the implementation of the TCS BaNCS™ core banking solution in 2001, the largest such transformational program of that era," it said.
In addition, TCS will help SBI with large transformation programs. In the most recent such engagement, TCS is helping build Bharat Craft – an omnichannel, online B2B e-commerce platform which would serve as a marketplace for MSMEs, jointly driven by SBI and the Government of India, the IT giant said in the statement.
Prior to that, TCS collaborated with SBI to plan and execute the simultaneous merger of five associate banks and Bharatiya Mahila Bank. The colossal undertaking involved integrating over 200 business processes, over 43 IT applications, 17,500 products, and over 50 billion database records, and impacting over 50,000 tellers across 7,000 branches. Immaculate planning and execution ensured accomplishment of all goals – without any interruption to services – in just six weeks.
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