(By Balaseshan) Infosys Ltd. (NASDAQ:INFY) said it has received a contract from the Department of Post, Ministry of Communications and Information Technology, Government of India to transform India Post's financial services.
This project, estimated at 700 crores Indian Rupees ($126.708 million), aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionizing its financial operations and end-user services.
The company has been selected 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.
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; and data migration and deployment of the platforms and solutions across all identified post offices.
Infosys will also support India Post in supporting multi-year managed services, application support and infrastructure operations; and training more than 35,000 India Post employees across the country on the usage and deployment of the new platform and solutions.
INFY closed Wednesday's regular session at $41.45. The stock has been trading between $37.93 and $61.48 for the past 52 weeks.