TCS-SBI Extend Their 20 Years Old Partnership For Next 5 Years; Find Out TCS Will Empower SBI
To drive innovation and tech solutions, IT service provider, Tata Consultancy Services (TCS) has announced that its partnership with India’s largest lender, State Bank of India (SBI) has been extended for another five years on Wednesday.
TCS SBI Partnership Extention
With this 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 move will also support the bank’s ability to launch newer offerings.
It will also help in responding to business and regulatory changes, as informed by TCS during an exchange filing today.
Further adding, “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,”.
Other Ongoing Projects
Apart from this, TCS will also help SBI with large transformation programs.
In addition to that, TCS is helping build Bharat Craft – an omnichannel, online B2B e-commerce platform.
This platform would serve as a marketplace for MSMEs, jointly driven by SBI and the Government of India, as per TCS statement.
Before this, TCS collaborated with SBI to plan and execute the simultaneous merger of five associate banks and Bharatiya Mahila Bank.
Basically, this colossal undertaking involved the integration of over 200 business processes along with over 43 IT applications, 17,500 products, and over 50 billion database records, and impacting over 50,000 tellers across 7,000 branches.
Although, immaculate planning and execution ensured the accomplishment of all goals that too without any interruption to services in just six weeks.