TCS expands deal with Bank of Baroda to serve the unbanked Indian

By Gloria Mathias

Tata Consultancy Services has expanded its partnership with the Bank of Baroda to continue to implement an end-to-end financial inclusion solution over the next five years.

The application can process around 12 lakh transactions a day and will help the bank’s 55,000+ agents better service over 6 crore customers in unbanked areas.

As part of the expanded deal, TCS will deploy its TCS Financial Inclusion Gateway Solution for Bank of Baroda, provide the central infrastructure, including hardware and software to be deployed in bank data centres, and help with application support and maintenance. TCS will also manage services in the change management of applications to implement regulatory requirements and bank business requirements for any new services, as and when required.

Vimal Kumar Negi, General Manager of Financial Inclusion and Corporate Social Responsibility at Bank of Baroda, said, “This renewed agreement positions us to leverage TCS’s 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. This collaboration aligns seamlessly with the government’s vision of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayaas’, driving us closer to building an Aatmanirbhar Bharat. Through innovation, dedication, and collective effort, we aim to bring inclusive financial services to every corner of the nation, fulfilling the aspirations of millions and contributing to India’s self-reliance and growth.”

TCS has been a trusted technology partner for the Bank of Baroda since 2010, helping strengthen the bank’s digital infrastructure and setting a benchmark for financial inclusion programs in the country. This is the fourth extension to a nearly 15-year partnership between TCS and Bank of Baroda, which has around 165 million customers across 17 countries.

Manoj Indulkar, Vice President and Operations Head of India Business, TCS, said, “TCS is proud to have partnered with Bank of Baroda for nearly 15 years in building a robust Financial Inclusion ecosystem. 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. At TCS, we remain committed to providing best-in-class services and investing in technology advancements that positively impact lives and drive inclusive growth.”