Tata Consultancy Services (TCS), a global leader in IT services and consulting, has recently informed exchanges that the company has extended its partnership with Bank of Baroda, India’s second-largest public sector bank.
This five-year collaboration aims to enhance financial inclusion through the deployment of TCS’s Financial Inclusion Gateway Solution. The solution will process around 12 lakh transactions daily, helping over 55,000 agents serve more than 6 crore unbanked customers in rural and semi-urban areas.
TCS will provide comprehensive support, including the installation of central infrastructure at Bank of Baroda’s data centers, application support, and maintenance. The solution will facilitate essential banking services like account opening, IMPS, and NEFT transfers, as well as process Aadhaar and Debit card-based transactions. Additionally, it will simplify enrollment in key government schemes, such as the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana, ensuring better access to financial services for underserved communities.
This expanded partnership strengthens TCS’s longstanding relationship with Bank of Baroda, which began in 2010. Over the years, TCS has played a crucial role in enhancing the bank’s digital infrastructure, setting a benchmark for financial inclusion initiatives in India. As the bank continues to serve around 165 million customers across 17 countries, this strategic collaboration will further elevate its efforts in providing inclusive financial services.
