Tata Consultancy Services is close to clinching a $200-million core banking solution contract from Bank of China -- the second largest banking entity in China. This will be one of the major contracts bagged by an Indian IT company from that country.

"TCS and Bank of China have signed a deal, and are expected to announce it soon," a source close to the development told Business Standard in Mumbai on Monday. TCS executives declined to comment on the deal.

TCS, which will also double up as a system integrator for the bank, is slated to implement a solution set that includes its e-treasury and CBS Bancs from Sydney-based Financial Network Solutions. FNS is a wholly owned subsidiary of the company.

The IT major will also implement finDNA, an anti-money laundering solution, and eBankworks, a channel banking solution via the Internet, mobiles and SMS. However, this could not be confirmed.

The implementation would help Bank of China reduce the time-to-market of its offerings, provide efficient and personalised customer services, and 24-hour banking through multiple delivery channels, the source said.