Infosys has bagged a Rs700-crore deal from India Post for implementing and management of its banking and insurance products. This is one of the biggest orders for the company which counts the bulk of its revenues from customers in the US and Europe.
Under the contract Infosys would install 1,000 ATMs and implement an electronic content management system to manage financial documents generated by India Post.
India Post with a 200-million strong customer base across the country, offers small savings schemes, postal life insurance, rural postal life insurance, pension payments and wage disbursements amongst other services.
The postal department would be implementing these solutions as part of its modernisation drive to increase operational effectiveness. The deal would also cover design, build, supply, installation and commissioning both hardware and software for India Post.
Though the duration of the deal was not disclosed, according to Infosys officials, it was a multi-year engagement, with Infosys involved in the training of 35,000 India Post employees on the solutions.
Commenting on the deal, A S Prasad, deputy director-general, financial services, India Post, said the transformational programme would enhance the department's offerings and bring it on par with the best banking companies.
This project forms part of the 'India Post 2012' modernisation programme aimed at bringing transparency, agility, flexibility and scalability to India Post's operations, it said.
Infosys would implement and manage its flagship Finacle Core Banking and McCamish Insurance products to help India Post transform its banking and insurance operations to better serve its large customer base as also its insurance customers.