Infosys has bagged Rs.700-crore postal contract pertaining to financial services systems integration, according to a media report. The India Post IT modernization project is pegged at a total outlay of Rs.1877-crores, including creation of integrated, modular software solution covering postal operations, banking and insurance services.
Under the new contract, Infosys would enable swifter postal banking and insurance solutions to perform ‘anytime, anywhere banking’. The Department of Posts (DoP) has plans to transform the post offices into full-fledged banks – Postal Bank of India, as a part of 12th five year plan period, subject to requisite regulatory approvals.
Currently, world’s largest network of 1.5 lakh Indian postal branches offer financial services like savings bank, postal life insurance, pension payments and money transfer services. Recently, India Post has entered into a tie-up with MoneyGram for providing instant inward money transfer services to ensure ease of conducting remittance transaction.
The Postal modernization drive would inculcate effective delivery of social security and employment guarantee schemes; and better financial inclusion for the common man in far-flung rural and semi-urban areas, through mobile remittances, mobile banking, mobile insurance, etc.