State Bank of India (SBI), India’s largest bank, has extended its tech contract with Tata Consultancy Services for another five years.
TCS did not reveal the size of the IT services contract.
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.
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 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,” said Ravindra Pandey, DMD & CIO, SBI.
“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,” said Ujjwal Mathur, Country Head – India, TCS.