Consulting and technology provider Infosys announced that it has been selected by the government of India's Department of Post, Ministry of Communications and Information Technology to integrate financial services across 150,000 post offices in the country. Infosys will install 1,000 ATMs for India Post as part of this program.
India's Department of Post is responsible not only for delivering mail, but also for accepting deposits under small savings schemes, providing Postal Life Insurance and Rural Postal Life Insurance, and providing retail services such as bill collection, sale of forms, and more. The DoP also acts as an agent for the disbursement of government benefit payments.
As financial services system integrator on the 700-crore ($126.5 million) project, Infosys will implement and manage its Finacle Core Banking and McCamish Insurance products to help India Post streamline banking and insurance operations, which cover more than 200 million banking customers across urban and rural India, as well as a large base of insurance customers.
Infosys will support India Post in the following areas:
- Complete system integration including designing, building, supplying, installing and commissioning hardware and software
- Data migration and deployment of the platforms and solutions across all identified post offices
- Supporting multi-year managed services, application support and infrastructure operations
- Training more than 35,000 India Post employees on the use 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 A. S. Prasad, deputy director general of financial services for 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 of India business at Infosys.
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