SBI extends partnership with TCS for five years

IT services major Tata Consultancy Services (TCS) said its long-standing partnership with State Bank of India (SBI), India's largest bank, has been extended for another five years.

The extended partnership builds on a two-decade long relationship between the two organisations, that began with the implementation of the TCS BaNCS core banking solution in 2001.

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, a statement said.

This will support the bank's ability to launch newer offerings and respond to business and regulatory changes, it added.

In addition, TCS will continue to leverage its deep contextual knowledge of SBI's business and technology landscape to help the bank with large transformation programmes to help make day-to-day banking accessible, intuitive, easy, and secure.

"Technology and innovation have been at the core of SBI's growth and transformation journey over the last two decades. 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," Ravindra Pandey, DMD and CIO of SBI, said.

SBI is pleased to extend its relationship with TCS as the two organisations continue to work together to launch new initiatives for enhanced customer experience, he added.