India’s largest lender State Bank of India (SBI) has extended its partnership with technology firm Tata Consultancy Services (TCS) for five more years.

Under the partnership, TCS will maintain and enhance SBI’s capabilities related to core banking, trade finance, financial reporting, and inclusion.

The new contract builds on their existing two-decade-long partnership that began with the implementation of the TCS BaNCS core banking solution in 2001.

New features and functionalities are expected to further the bank’s ability to launch new offerings, adapt to business and regulatory changes.

SBI DMD & CIO Ravindra Pandey said: “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.”

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Meanwhile, TCS and SBI are also working together with the Government of India to build Bharat Craft – an online B2B e-commerce platform, which would serve as a marketplace for MSMEs.

TCS country head of India Ujjwal Mathur said: “We are delighted to continue this partnership as the bank embarks on its next wave of growth. We look forward to an exciting journey ahead, filled with energy, innovation, and a passion for excellence.”

Last week, German commercial lender NORD/LB selected TCS for upgrading its banking operations.