SBI extends contract with TCS for five years

IT services major Tata Consultancy Services (TCS) on Wednesday said its long-standing partnership with State Bank of India (SBI), India's largest bank, has been extended for another five years.

The extended partnership builds on a two-decade long relationship between the two organisations, that began with the implementation of the TCS BaNCS core banking solution in 2001.

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As part of the 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, a statement said.

This will support the bank's ability to launch newer offerings and respond to business and regulatory changes, it added.

In addition, TCS will continue to leverage its deep contextual knowledge of SBI's business and technology landscape to help the bank with large transformation programmes to help make day-to-day banking accessible, intuitive, easy, and secure.

“Technology and innovation have been at the core of SBI's growth and transformation journey over the last two decades. TCS has been a valuable partner since the beginning and has supported us in building and running a high-performing, resilient and scalable core banking platform that is foundational to all our digital initiatives,” Ravindra Pandey, DMD and CIO of SBI, said.

SBI is pleased to extend its relationship with TCS as the two organisations continue to work together to launch new initiatives for enhanced customer experience, he added.

“TCS' two decade-long relationship with SBI is a testament to our customer-centricity and our approach of harnessing collective knowledge to create greater futures. We are delighted to continue this partnership as the bank embarks on its next wave of growth,” TCS Country Head, India Ujjwal Mathur said.

TCS is helping build Bharat Craft, an omnichannel, online B2B e-commerce platform which would serve as a marketplace for MSMEs, jointly driven by SBI and the Government of India. Prior to that, TCS had collaborated with SBI to plan and execute the simultaneous merger of five associate banks and Bharatiya Mahila Bank.

The colossal undertaking involved integrating over 200 business processes, over 43 IT applications, 17,500 products, and over 50 billion database records, and impacting over 50,000 tellers across 7,000 branches, the statement said adding that all goals were achieved without any interruption to services in six weeks.