Coop banks sign pact with TCS for CBS

The Gujarat State Cooperative Bank (GSCB) and 10 district central cooperative banks (DCCBs) have signed a service level agreement with Tata Consultancy Services (TCS) for core banking solutions (CBS).

The decision, which is a part of the initiative taken by National Bank for Agriculture and Rural Development (Nabard)'s Gujarat region office, would provide efficient banking services to customers of cooperative banks in Gujarat.

"This is expected to significantly enhance customer base in both rural and urban segments. Besides enabling faster services, the decision would open up newer possibilities of providing new cost-effective banking products and services to the farming community in particular," a statement issued by Nabard said. The agreement was signed on Tuesday in Ahmedabad.

About 705 branches of these banks will be covered under CBS - Phase I. TCS will be the application service provider (ASP). Nabard has set the target of completing the entire project by December 31, 2012.