Tata Consultancy Services (TCS) has won an Rs 85 crore deal to implement a financial inclusion solution for Indian Bank. The project, based on smart card and cloud computing technologies, will enable the bank to offer rural banking services in 5,500 villages , the software exporter said. The deal is for three years and TCS will provide the technology infrastructure, handheld devices and business correspondents to help the bank extend its coverage to people living in rural areas. The handheld devices will support biometric authentication to verify the identity of the person.
Indian Bank chairman T N Bhasin said the partnership will help it take banking services to an estimated 11.92 lakhs unbanked households or about 23 lakh people. "We see this as a strong catalyst in creating an unprecedented economic opportunity while driving the social agenda of inclusive growth across the country," added N Chandrasekaran , CEO and MD, TCS.
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 partners, TCS, our endeavour is to provide banking services for rural customers over 5,500 villages. said Chairman & Managing Director Mr.T.M. Bhasin.
In a short space 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 Mr N. Chandrasekaran, CEO and MD, Tata Consultancy Services. We are delighted to partner with Indian Bank to propel its growth in rural India, he added.