India Post Selects Infosys to Transform its Financial Services
NEW DELHI, India, August 9, 2012 /PRNewswire/ --
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
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. For more information about Infosys (NASDAQ: INFY), visit http://www.infosys.com
Safe Harbor
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2012 and on Form 6-K for the quarters ended September 30, 2011, December 31, 2011 and June 30, 2012.These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
SOURCE Infosys Ltd
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