Indian Bank has selected TCS for its Financial Inclusion Solution project. The Deal value pegged at INR 850 million for three years. TCS’ cloud computing services will be used to enable banking services for rural customers in 5,500 villages
Tata Consultancy Services, the leading IT services, business solutions and outsourcing firm, announced that it had won a deal for implementing the Smart Card-based Financial Inclusion Solution (FIS) for Indian Bank to extend the banking services in unbanked/under-banked areas, enabling its reach to over 3.5 million customers over the next three years.
TCS is deploying its TCS BaNCS Financial Inclusion Gateway solution for executing the bank’s requirements for this project. The applications will be hosted on cloud computing technologies to create an easy-to-access, highly-secured environment that provides reliable world-class infrastructure and application services in a cost-effective and efficient manner.
Financial inclusion is the delivery of banking services at an affordable cost to low-income groups at places where mainstream banking facilities are unavailable. This solution will help the bank deliver benefits to the general public and provide an end-to-end, cost-effective solution. Currently, 41% of the Indian population is unbanked (80 million households). Out of this, 40% is unbanked in the urban areas and 60% in the rural areas.
“Indian Bank has been one of the early adopters of financial inclusion, and we are committed to ensure inclusive growth and sustainable development of the country. Along with the strong domain expertise and technology capability of our strategic partner, TCS, our endeavor is to provide banking services for rural customers in 5,500 villages.” said TM Bhasin, Chairman and MD, Indian Bank.
“In a short span of time, TCS has achieved market leadership in the financial inclusion space. We see this as a strong catalyst in creating an unprecedented economic opportunity while driving the social agenda of inclusive growth across the country,” said N Chandrasekaran, CEO and MD, TCS. “We are delighted to partner with Indian Bank to propel its growth in rural India,” he added.
Indian Bank has been serving customers for more than a century and is seen as a front-runner in specialized banking as well as rural development. The bank had deployed TCS BaNCS across 1802 branches to offer finely-tailored products to its corporate and retail customers.