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Infosys on Thursday was selected by the Department of Posts for its Rs 700 crore (Rs 7 billion) project to help India Post transform its banking and insurance operations cross 150,000 post offices in the country.
Under the agreement, Infosys and India Post will embark on a transformational initiative, which encompasses financial services system integration, Infosys said in a statement.
This project, estimated at Rs 700 crore, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services, it added.
This is part of the 'India Post 2012' modernisation programme that aims at bringing transparency, agility, flexibility and scalability to India Post's operations, it said.
India Post Deputy Director General, Financial Services, A S Prasad said, "This transformational programme 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 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 also install 1,000 ATMs for India Post as part of this programme and will implement an electronic content management system to manage millions of documents generated as part of India Post's financial operations.