nfosys has bagged a Rs 700-crore deal from India Post for implementing and managing its banking and insurance products.
This is one of the biggest deals for the company that gets the bulk of its revenues from the US and Europe. Infosys will install 1,000 ATMs and implement an electronic content management system to manage financial documents generated by India Post.
India Post covers about 200 million customers across the country and offers small savings schemes, postal life insurance, rural postal life insurance, pension payments and wage disbursements amongst other services.
The Postal Department is looking at these solutions as a part of its modernisation drive to increase operational effectiveness. The deal also involves Infosys designing, building, supplying, installing and commissioning both hardware and software for India Post.
The duration of the deal was not given but, according to Infosys officials, it is a multi-year engagement. Infosys will also be involved in training 35,000 India Post employees in using these solutions.
Commenting on the deal, A.S. Prasad, Deputy Director-General, Financial Services, India Post, said: “This transformational programme is expected to enhance our offerings and bring us on par with the best banking companies.”