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.
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.
See Zee Business Live TV Streaming Below:
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
04:21 PM IST