India Post Selects Infosys to Transform its Financial Services

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New Delhi, India - August 9, 2012: Infosys, a global leader in consulting and technology, today announced that it has been selected by the Department of Post, Ministry of Communications and Information Technology, Government of India for a mission-critical program that will enhance India Post's financial services across 150,000 post offices in the country. This is part of the 'India Post 2012' modernization program that aims at bringing 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 INR 700 crores, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionizing its financial operations and end-user services.
As Financial Services System Integrator, Infosys will implement and manage its flagship 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.
For the project, 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 across the country on the usage and deployment of the new platform and solutions

Speaking about this deal, Mr. 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 Mr. CN Raghupathi, VP and Head India Business, Infosys.

About India Post

For more than 150 years, the Department of Posts (DoP) has been the backbone of the country’s communication and has played a crucial role in the country's socio-economic development. It touches the lives of Indian citizens in many ways: delivering mails, accepting deposits under Small Savings Schemes, providing life insurance cover under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) and providing retail services like bill collection, sale of forms, etc. The DoP also acts as an agent for Government of India in discharging other services for citizens such as Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) wage disbursement and old age pension payments. With 1, 55,015 Post Offices, the DoP has the most widely distributed postal network in the world.

About Infosys Ltd

Many of the world's most successful organizations rely on the 151,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise.

HP, Infosys, TCS, Wipro in race for India Post's contract

Moumita Bakshi Chatterjee

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New Delhi, March 14:  

Global IT giant HP is fighting it out with domestic IT services companies such as Infosys Technologies, Tata Consultancy Services and Wipro for a Department of Post contract. The contract, which involves implementation of financial services solution, is one of the eight projects that the department is outsourcing as part of its IT modernisation initiative.

"Four companies have submitted commercial and financial bids and the bids are currently being evaluated. The contract seeks to provide connectively to 170,000 post offices in the country for anytime, anywhere banking," sources said.

While the Cabinet Committee on Economic Affairs last year approved the `India Post 2012' IT modernisation project at an overall outlay of Rs 1,877 crore, the entire project will be implemented through eight separate contracts. However, the break-up in terms of value for individual contract could not be immediately ascertained.

According to sources, these four companies have responded to the Request for Proposal by the postal department, seeking to put in place an enterprise wide financial management system for the Post Office savings bank and postal life insurance. The vendor will manage the system for five years.

Broadly, the scope of work includes supply, installation and commissioning of postal banking applications entailing core banking solution and ATM switch.

In addition to banking and insurance solution, the IT vendor would also have to install 1,000 ATMs and create mobile and web-based access for all users.

When contacted, the four companies refused to comment on the issue.

Multiple contracts

As part of its ambitious IT modernisation effort, the postal department is expected to hand out multiple contracts. The Rural ICT hardware contract involves supply and installation of rural IT hardware devices and providing network connectivity to 1.30 lakh Gramin Dak Sewak post offices enabling post offices to perform e-transactions. The rural ICT system integrator will develop the platform for all applications that will reside in the rural hand-held devices; and the core system integrator will focus on all applications that will run in the post and mail offices.

Besides the financial services systems integrator, other contracts include data centre facility, network integrator, mail operations hardware and change management.

BUDGET NEWS 2013-2014

நாட்டுடைமையாக்கப்பட்ட 13 வங்கிகளின் நிதியாதாரத்தைப் பெருக்க மார்ச் 2013-க்குள் ரூ.12,517 கோடியும், 2013-14-க்குள் மேலும் ரூ.14,000 கோடியும் அளித்து நிதியாதாரத்தை மேம்படுத்தவுள்ளனர். அஞ்சல்துறை அலுவலகங்களை தகவல் தொழில்நுட்பத்தில் ஒருங்கிணைக்க ரூ.4,909 கோடியும், அஞ்சல் துறையை "கோர் பேங்கிங்' வளையத்தில் கொண்டுவருவதற்காக ரூ.532 கோடியும் ஒதுக்குகிறார்கள்.
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