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Tata Consultancy Services (TCS) on Wednesday announced that its long-standing client State Bank of India (SBI) has extended its partnership for another five years.
SBI has been using TCS BaNCS for over two decades now. As a 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. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.
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In addition, TCS will continue to leverage its contextual knowledge of SBI’s business and technology landscape to help the bank with large transformation programmes to help its customers make their day-to-day banking easy and secure. In the most recent such engagement, 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.
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Prior to that, TCS collaborated with SBI to 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, impacting over 50,000 tellers across 7,000 branches. Immaculate planning and execution ensured accomplishment of all goals, without any interruption to services, in just six weeks, TCS said.
‘Valuable partner’
Ravindra Pandey, DMD & CIO, SBI, said, “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. We are pleased to extend our relationship with TCS as we continue to work together to launch new initiatives for enhanced customer experience.”