Tata Consultancy Services (TCS) has extended its partnership with Indian public sector lender Bank of Baroda to deliver an end-to-end financial inclusion solution over the next five years.
The collaboration aims to enhance banking services for more than 60 million customers in unbanked areas and support over 55,000 bank agents.
Under the expanded agreement, TCS will deploy its Financial Inclusion Gateway Solution, providing centralised infrastructure, including hardware and software hosted at Bank of Baroda’s data centres.
The application, capable of processing approximately 1.2 million transactions daily, will facilitate financial and non-financial services, such as Aadhaar and debit card-based transactions, IMPS and NEFT transfers, and account opening.
Additionally, the solution will streamline enrolment in government schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana, enabling better service delivery in rural and semi-urban areas.
Besides, TCS will manage change requirements for regulatory compliance and the bank’s evolving business needs.
TCS India business vice president and operations head Manoj Indulkar said: “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.
“We are thrilled to extend this partnership for another five years, with renewed energy and a focus on delivering innovative improvements to better serve this critical segment of customers.”
This partnership, now in its fourth extension, builds on a 15-year collaboration that has supported Bank of Baroda’s digital transformation.
The bank currently serves around 165 million customers across 17 countries.
Bank of Baroda financial inclusion and corporate social responsibility general manager Vimal Kumar Negi said: “This renewed agreement positions us to leverage TCS’s cutting-edge technologies and innovations, further enhancing our operational capabilities and competitive edge.
“A long-term arrangement such as this ensures stability and allows us to strategically plan and allocate resources to continue bridging the financial gap for unbanked and underserved populations.”
In a separate announcement, Chorley Building Society has partnered with TCS to modernise its core banking and digital platforms.
Chorley Building Society will adopt the TCS BaNCS Core Banking solution, along with a digital home lending platform for mortgage origination and a mobile app designed to improve the experience for members and mortgage intermediaries.
