Infosys is embarking on training India Post staff in how to use its Finacle
banking system after completing the roll-out of the system at 155,000 post
offices in India.
India Post is moving to the
user acceptance phase of a project that began in August 2012, after Infosys won
the contract to supply a core banking system to India
Post.
C. N. Raghu, head of Infosys in India, said
that, with 40% of the Indian population having no bank account, India Post with
155,000 branches is the ideal organization to get rural people into the banking
system. India Post has one branch per 8,000 people and
21km2.
“We have finished our part of
the project and will start user acceptance,” sad Raghu. “When we have finished
that, the government standards agency will look at it and then it’s up to India
Post to start using it.”
Infosys is to roll out 10,000 tablet
devices to India Post staff that will integrate Finacle and enable the company
to provide mobile banking services to rural people. This is the second project
won by Infosys and, if successful, more tablets will be rolled
out.
This will ensure banks can connect the
last mile to citizens, according to Raghu. “An India Post worker will be able to
take the banking system to people that can’t reach a
bank.”
More
people will want to set up bank accounts as the Aadhaar (UID)
project – the Indian
government's plan to issue all of its citizens biometric ID cards – gathers
pace. With a unique ID, many more people will be able to set up bank
accounts.
The combination of the reach of India
Post and the technology will help Indian citizens that have so far been left out
of the banking system. “This could be a powerful tool for financial inclusion,”
sad Raghu.
The Indian government stands to benefit
when cash currently invisible to the financial system re-appears, much of it
taxable. According to research from Gartner, Indian banking and securities
companies will spend about 417bn INR on IT in 2013, compared to 369bn INR in
2012.
There is pressure on Indian banks to
become more competitive and gain large customer bases. The Reserve Bank of India
– which regulates the Indian financial sector – recently announced guidelines
for new companies to enter the banking sector which is leading to greater
competition.
In May this year the Department of
Posts (DoP) awarded Tata Consultancy Services (TCS) a six-year contract worth
11,000m INR to provide an end-to-end IT modernization program for India
Post.
The program includes developing and
supporting mail, finance & accounts, HR, customer interaction management
solutions including the rural ICT platform, data migration, infrastructure, call
center and centralized with 24-hour service desk operation for all DoP. As core
system integrator, TCS has responsibility for the overall integration of the
end-to-end security system Enterprise Management System
(EMS).
Source:
http://searchcio.techtarget.in
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