Tata Consultancy Services (TCS) on Friday (December 20) informed stock exchanges that it has expanded its partnership with Bank of Baroda to further implement an end-to-end financial inclusion solution over the next five years.

The app can process around 12 million transactions per day and will help the bank’s more than 55,000 agents better serve more than 6 million customers in unbanked areas.

Under the expanded agreement, TCS will deploy its TCS Financial Inclusion Gateway solution for Bank of Baroda, provide core infrastructure comprising hardware and software to be deployed in bank data centers, and contribute to support and application maintenance.

TCS will also manage application change management services to implement banks’ regulatory requirements and business requirements for any new services, as required, it said in an exchange filing.

Apart from supporting banking services such as account opening and IMPS and NEFT transfers, this app will process financial and non-financial transactions such as Aadhaar and debit card transactions.

This will also facilitate the registration process for major government insurance and pension schemes (Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana), thereby helping the bank provide better service to its customers in rural and semi-urban areas. .

“This renewed agreement allows us to leverage TCS’s cutting-edge technologies and innovations, further enhancing our operational capabilities and competitive advantage. A long-term agreement like this ensures stability and allows us to plan and strategically allocate resources to continue to close the financial gap. for the unbanked and underserved population,” said Vimal Kumar Negi, general manager of financial inclusion and corporate social responsibility at Bank of Baroda.

Manoj Indulkar, Vice President and Head of India Business Operations, TCS, said, “TCS is proud to partner with Bank of Baroda for almost 15 years to build a strong financial inclusion ecosystem. Together, we have enabled the creation of 55,000 touchpoints across the country, bringing essential banking services to the unbanked population. »

On Friday, TCS shares were trading 0.93% lower at ₹4,232 while the BoB title is at ₹248.82, up 0.21%.