As financial inclusion gains importance and with larger spending from banks, software major TCS is targeting $100 million in revenues in the next four years from selling its last-mile connectivity solutions to banks, a top company official said.
“We will be getting around $100 million in revenues in the next three to four years from financial inclusion applications and serving 20 million people,” the company’s Chief Executive and Managing Director N. Chandrasekaran told reporters after it signed a Rs. 85 crore ($19 million) supply contract with public sector Indian Bank in Mumbai on Thursday.
Under its contract with Indian Bank, TCS will be implementing its smart card-based financial inclusion solutions to help Indian Bank expand its footprint. It is a three year contract, and together, Indian Bank and TCS intend to reach 35 lakh customers in 5,500 villages.
“We see financial inclusion both as a worthy cause which will bring people into the banking fold as well as a good business opportunity,” Mr. Chandrasekaran said, adding TCS already has tie-ups with Bank of Maharashtra, Punjab National Bank and Central Bank of India for financial inclusion applications.
The application being implemented is ICT (internet communication technology) based and will enable account holders to conduct a variety of transactions like remittance, micro-insurance, lending and drawing cash, among others.
