Tata Consultancy Services (TCS) has announced that its long-standing partnership with State Bank of India (SBI), India’s largest bank, has been extended for another five years as the bank embarks on its next leg of growth based on the three pillars of technology, resilience and people.
The extended partnership builds on a two-decades-long relationship between the two partners, that began with the implementation of the TCS BaNCS core banking solution in 2001, the largest such transformational program of that era. 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. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.
“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 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,” said Ravindra Pandey, DMD & CIO, SBI.
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. Prior to that, TCS 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.
“TCS’ two decades-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,” said Ujjwal Mathur, Country Head – India, TCS.