TCS to set up RBI's centralised info and management system for Rs 310 cr

IT major Tata Consultancy Services will implement Reserve Bank's a centralised information and management system (CIMS) for seamless data collection and validations at a cost of Rs 310.52 crore.

TCS pipped other IT majors like IBM India, Infosys, Larsen & Toubro Infotech to get the key project of the central bank.

The project has to be completed within a year of the commencement of the contract with the RBI.

The RBI had invited of expression of interest (EOI) in July 2018 for identification of solution provider for implementation of CIMS by overhauling the data warehouse (DW) of the apex bank.

The CIMS will comprise of DW and Data Lake (DL) which would include, seamless data collection from regulated entities by creating system-to-system interface; system driven data validation and data review; flexible and scalable data repository and providing data dissemination platform.

The CIMS would also include centralised analytics platform to facilitate creation of RBI Data Sciences Lab.

The RBI, in April last year, had announced to gainfully harness the power of big data analytics by setting up a data sciences lab that will comprise experts and budding analysts, internal as well as lateral, who are trained inter alia in computer science, data analytics, statistics, economics, econometrics and/or finance.

One of the functional requirements for CIMS, as per the EOI, was establishing system-to-system interface for automated element based data collection from about 130 banks/entities.

TCS shares Wednesday settled at Rs 2,258.45 apiece, up 0.25 per cent over the previous close.