India Post selects Infosys for Rs 700 crore financial services integration project

Infotech Lead India: India Post has selected Infosys for Rs 700 crore financial services integration project.

As part of the project, Infosys will assist India Post to enhance its financial services across 150,000 post offices in the country.

The Department of Post, Ministry of Communications and Information Technology, Government of India, has selected Infosys for a mission critical program that is part of the India Post 2012 modernization program. The modernization project will bring transparency, agility, flexibility and scalability to India Post’s operations.

Infosys and India Post will deploy Financial Services System Integration. This project, estimated at INR 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 implement and manage its Finacle Core Banking and McCamish 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.

Infosys will be installing 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.

Infosys will train more than 35,000 India Post employees across the country on the usage and deployment of the new platform and solutions.

“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,” said AS Prasad, deputy director general, Financial Services, India Post.

“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.

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