TCS bags Rs 85 cr project from Indian Bank

Country's largest software firm Tata Consultancy Services TCS) said it has bagged a Rs 85-crore three-year deal for implementing smart card-based Financial Inclusion Solution (FIS) for Indian Bank.

The deployment of the solution will help in extending banking services in un-banked/under-banked areas, enabling Indian Bank to reach to over 35 lakh customers over the next three years, TCS said in a statement.

The applications will hosted on cloud computing technologies, which will help provide infrastructure and application services in a cost-effective and efficient manner, it added.

"Indian Bank has been one of the early adopters of Financial Inclusion. 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," Indian Bank Chairman and Managing Director T M Bhasin said.

Currently, about 41 per cent (80 million households) of the Indian population is unbanked, most of them being in rural areas.

"We see this (financial inclusion) as a strong catalyst in creating an unprecedented economic opportunity, while driving the social agenda of inclusive growth across the country," TCS CEO and MD N Chandrasekaran said.