Tata Consultancy Services has expanded its partnership with Bank of Baroda, India's second largest public sector bank, 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-plus 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 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 change management of application to implement regulatory requirement and bank business requirements for any new services, as and when required.
Apart from supporting banking services such as account opening and IMPS and NEFT transfers, this application will process financial and non-financial transactions such as Aadhaar and Debit card-based transactions. It will also ease the process for enrolment into critical government insurance and pension schemes (Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana), helping the bank provide better service to its customers in rural and semi-urban areas.