TCS Extends Partnership with Bank of Baroda to Drive Financial Inclusion

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services and business solutions, has extended its partnership with Bank of Baroda, India’s second-largest public sector bank, to further its financial inclusion initiatives over the next five years. 

The collaboration will deploy TCS's Financial Inclusion Gateway Solution to streamline operations for over 55,000 agents, serving more than 6 crore customers in underserved areas and processing up to 12 lakh daily transactions.

As part of the agreement, TCS will provide central infrastructure, including hardware, software, application support, and regulatory change management. 

The solution supports essential banking functions like account opening, fund transfers (IMPS and NEFT), Aadhaar and debit card-based transactions, as well as enrollment in government schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana. 

Read more - PhysicsWallah Transitions to Public Company Ahead of 2025 IPO

This initiative aligns with the Government’s vision of Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayaas promoting financial inclusivity and self-reliance.

Bank of Baroda’s General Manager, Vimal Kumar Negi emphasized the partnership’s role in enhancing operational capabilities and bridging the financial gap for underserved populations. 

Advertisment

Manoj Indulkar, Vice President and Operations Head, India Business at TCS, highlighted the nearly 15-year collaboration’s success in establishing 55,000 banking touchpoints nationwide and reaffirmed TCS’s commitment to driving inclusive growth through innovative technology.

This renewed partnership underscores TCSs pivotal role in advancing India’s digital and financial inclusion infrastructure setting a benchmark for public and private sector banks in reaching unbanked communities.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Advertisment