MUMBAI, March 08, 2018: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced that its flagship product TCS BaNCS has gone live in Hunan Rural Credit Union (HNRCC) in Hunan Province located in Central China. This go-live expands TCS BaNCS’ footprint in China with three other large credit unions that are already fully operational in addition to 20 other financial institutions including one of the largest Banks in the country. HNRCC is the largest bank in the Hunan Province (4,207 branches) and consists of 126 legal credit unions, 6 million individual & Cooperative customers, exceeding 120 million accounts. The modernization project which commenced in May 2015, was geared to achieve growth and profitability by consolidating its distributed and decentralized branch infrastructure, software and operations.
Commenting on the momentous occasion, Zhang Zhijun, Chairman, Hunan Rural Credit Cooperative Union, said, “Our vision to drive innovation and growth has been jump-started by this implementation of TCS BaNCS. The platform functionality is robust and is totally adaptable, especially to our complex credit Cooperative domestic banking requirements. With a proven and extensive track record of customers in China, TCS demonstrated their delivery capability again with this go-live, ahead of a pressing schedule.”
Venkateshwaran Srinivasan, Head - TCS Financial Solutions, said, “ We are proud of this go-live at HNRCC. This is a big proof point of the robustness of our implementation methodology, the high degree of out-of-the-box readiness which TCS BaNCS brings to our customers and the inherent scalability of our solution. The ability to roll out new and innovative offerings at a faster clip, easier digital outreach to consumers and operational consolidation are just three of the key benefits this program delivers to HNRCC. ”
About Hunan Rural Credit Cooperative – HNRCC
Established in 1951, HNRCC is one of the largest financial organisations in central China situated in Hunan province, and is also the financial institution with the largest number of business branches and widest services in the Hunan province, holding 4207 branches, consisting of 126 legal credit unions, 6 million individual & cooperative customers, exceeding 120 million accounts and nearly 40 thousand employees.
By the end of Oct 2017, its deposit balance reached over 924.4 billion yuan, which ranked as the first place by regarding deposit volume in the financial institutions within the province and its loan balance is over 413.8 billion yuan ranked the first place regarding loan volume in the financial institutions within the province. By the end of 2016, Hunan Rural Credit Cooperative realized 6.23 billion yuan account profit. Its loan for farmer, rural economic organization loan together with rural industry and commercial loan had reached about 300 billion yuan, which accounts for about 82% of that type of financial institution loan of the province.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. With a global customer base of more than 370 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, capital markets and insurance industries worldwide. For more information, visit us at https://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique, location-independent Agile delivery model, a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 390,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $17.6 billion for the year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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Dennis Roman, Global Head – Products & Platforms Marketing
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