Indian bank has awarded an 85 crore deal to Tata Consultancy Services for implementing a financial inclusion solution which will enable the bank for offering banking services to rural India’s 5500 villages, and will be based on smart card and cloud computing technologies.

The software exporter was really excited about the project and was keenly looked forward to.

The deal is for a span of 3 years, in an agreement for providing technology infrastructure along with handheld devices that will be supporting in the identification of a person, through biometric authentication and also business correspondents. This support will help the bank in providing coverage in unreachable parts of the country in rural India.

Through the deal, Indian bank hopes to reach 23 lakh people, in unbanked households of 11.92 lakhs.

This is a very wise decision by Indian Bank management as statistics reveal that 61% of population is unbanked in rural India as 85 million households have zero access to formal banking channels.

Features of withdrawals, remittances, funds transfer, and cheque and demand draft collection services in rural areas will be provided other than of course opening a Savings account in the easiest possible manners.