Infosys bags India Posts project worth Rs 700 cr

Infosys has won a project worth Rs 700 crore from Department of Post (DoP), Ministry of Communications and Information Technology, Government of India under the 'India Post 2012' modernization program. Infosys will facilitate the transformation of financial services across 150,000 post offices in the country. 'India Post 2012' modernization program aims to bring transparency, agility, flexibility and scalability to India Post's operations.

Under the agreement, Infosys and India Post will embark on a transformational initiative, which encompasses Financial Services System Integration. This project, estimated at Rs 700 crore, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionizing its financial operations and end-user services.

Infosys will install 1,000 ATMs for India Post as part of this program to increase the effectiveness of its delivery channel and will also implement an electronic Content Management system to manage millions of documents generated as part of India Post's financial operations.

"As Financial Services System Integrator, Infosys will implement and manage its flagship FinacleTM Core Banking and McCamishTM Insurance products to help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India; including a large base of insurance customers," said a press note.

As part of the project, Infosys will help in complete system integration process including designing, building, supplying, installing and commissioning hardware and software. It will assist in data migration and deployment of the platforms and solutions across all identified post offices. It will support multi-year managed services, application support and infrastructure operations. It will also train more than 35,000 India Post employees across the country on the usage and deployment of the new platform and solutions.

A. S. Prasad, Deputy Director General, Financial Services, India Post said, “We are confident that Infosys' extensive global experience with transformational programs in the financial and systems integration space will be instrumental in rolling out this ambitious program aimed at driving technology superiority at India Post, by introducing key solutions like core banking. This transformational program is expected to enhance India Post's services, bringing us on par with the best in the banking industry; and will help us expand the reach and effectiveness of our operations through technology enablement of India Post employees.”

“Infosys will be drawing upon its expertise and domain knowledge across the banking and financial sector, to transform India Post's services to empower end-consumers. This project offers us rich scope to innovate and optimize the largest financial and insurance distribution channel in the country and we look forward to deploying our strong capabilities across industries and technologies, in a role that has the potential to significantly impact millions of citizens in the country,” said CN Raghupathi, VP and Head India Business, Infosys.