The Hindu Business Line : TCS bags Rs 178-cr deal from BoM

TECH TIE-UP: Mr S. Ramadorai (left), CEO and Managing Director, Tata Consultancy Services, and Mr S.C. Basu, Chairman and Managing Director, Bank of Maharashtra, at a press conference in Mumbai on Wednesday. — Shashi Ashiwal

Mumbai , March 22

Bank of Maharashtra has signed a contract with TCS to implement core banking solution (CBS) that will cover 600 branches. The value of the contract is Rs 178 crore.

TCS will be responsible for system integration, redesigning, and deploying a bank-wide corporate network.

The company will set up and maintain data centre and provide facilities management services to the bank over the next six years.

The core banking solution used will be BANCS from Sydney-based Financial Network Solution, a 100 per cent subsidiary of TCS.

Roadmap to Basel

Mr S.C. Basu, Chairman and Managing Director of Bank of Maharashtra, said that CBS would help the bank be prepared for compliance with Basel II norms.

"We will require evolved technology for efficient risk and liability management as well as to have satisfied customers." TCS is also implementing CBS at SBI, Indian Bank, Central Bank of India, and Allahabad Bank.

Mr S. Ramadorai, CEO and Managing Director of TCS, said that the banking, financial services and insurance vertical contributed 42 per cent of the company's revenue.

The company's Chinese joint venture will be operational in the next fiscal, he added.

TCS will hold 65 per cent stake, while the rest will be with Microsoft and entities of the Chinese Government.

The joint venture will employ 4,000 persons over 4-5 years.

Chinese market

Mr Ramadorai said that the venture would target the Chinese local market, MNCs operating in China, and regional markets such as Japan and Korea.

In terms of evolving brand TCS, Mr Ramadorai said that the company has hired Siegel and Gale, a brand consultant, to work out its global positioning.

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