SBI renews outsourcing deal with TCS by 5 years

Tata Consultancy Services, the largest India-based IT services and outsourcing provider, said it has extended its support agreement with India’s largest bank, State Bank of India, by another five years.

TCS has been a key supplier of IT and outsourced services to SBI for two decades.

As part of the agreement, TCS will continue to maintain and enhance the bank’s applications and software related to core banking, trade finance, financial reporting, and financial inclusion.

The two companies started working together a little more than two decades ago, and the first and biggest implementation was the deployment of TCS’ core banking application, BaNCS, at SBI.

Among the latest initiatives that TCS has helped SBI with is TCS is Bharat Craft – an online B2B e-commerce platform designed as a marketplace for medium and small businesses.

TCS also played a crucial role in the merger of SBI with its five associate banks as well as the absorption of Bharatiya Mahila Bank.

The company integrated 43 IT applications, 17,500 products and over 50 billion database records as part of the mergers. The mergers brought in 50,000 tellers and 7,000 branches into the SBI network.

TCS gets a large chunk of its revenues from the financial services industry, though it’s mostly multinational banks and institutions that contribute the lion’s share.