A stream of binary coding, text or computer processor instructions, is seen displayed on a laptop computer screen as a man works to enter data (Photographer: Chris Ratcliffe/Bloomberg) 

TCS Pips Infosys, L&T Infotech, IBM To Win Rs 310-Crore RBI Contract

Tata Consultancy Services Ltd. will implement Reserve Bank of India’s centralised information and management system for seamless data collection and validations at a cost of Rs 310.52 crore.

TCS pipped other IT majors like IBM India, Infosys Ltd., L&T Infotech Ltd. to get the RBI contract. The project has to be completed within a year of the commencement of the RBI contract.

RBI had invited of expression of interest in July 2018 for identification of solution provider for implementation of CIMS by overhauling the data warehouse of the central bank.

The CIMS will comprise of data warehouse and data lake, which would include seamless data collection from regulated entities by creating system-to-system interface, system-driven data validation and data review, flexible and scalable data repository and providing data dissemination platform.

The CIMS would also include centralised analytics platform to facilitate creation of RBI Data Sciences Lab.

RBI had in April last year had announced to gainfully harness the power of big data analytics by setting up a data sciences lab that will comprise experts and budding analysts, internal as well as lateral, who are trained inter alia in computer science, data analytics, statistics, economics, econometrics and/or finance.

One of the functional requirements for CIMS, as per the EOI, was establishing system-to-system interface for automated element based data collection from about 130 banks/entities.

On Wednesday, TCS shares rose 0.25 percent to Rs 2,258.45 apiece on the BSE while the benchmark Sensex fell 0.48 percent to 39,756.81 points.