Infosys would help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India
Kolkata: IT company Infosys is planning to roll out in about two years, its Rs700-crore project that would help India Post transform its banking and insurance operations cross 1.5 lakh post offices in the country, reports PTI.
Infosys would 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.
"We are expecting to roll out the project for India Post in 18-24 months. We will roll it out for 150,000 branches across 22 circles. It will change the way India Post operates at present," Infosys Vice-President and Head (India Business) Raghupathi N Cavale told reporters here.
Speaking on the sidelines of 'INFOCOM 2012', he said the company is keen on developing similar projects for retail, health and education sectors.
"We are looking at mobility as a very strong theme," Cavale said.
As per an agreement between Infosys and India Post, the two would embark on a transformational initiative, which encompassed financial services system integration.
The project, estimated at Rs700 crore, aimed to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services, according to an earlier statement by Infosys.
This was part of the 'India Post 2012' modernisation programme that aimed at bringing transparency, agility, flexibility and scalability to India Post's operations.
Infosys would be also instal 1,000 ATMs for India Post as part of this programme and implement an electronic content management system to manage millions of documents generated as part of India Post's financial operations.
The alleged transactions by StanChart mainly involved US dollar transfers for state-owned Iranian banks, including the central bank, that fell under US sanctions aimed at curtailing Iran's controversial nuclear programme
Hong Kong: British bank Standard Chartered has said it expects to pay around $330 million to settle with US authorities 'very shortly' over allegations it violated sanctions on Iran, reports PTI.
The sum comes on top of a $340 million fine it paid in August to settle a case in New York state, where regulators had accused it of hiding some $250 billion in transactions with Iranian banks, charges denied by the lender.
"The group remains in active and constructive discussions with the other US agencies on the resolution of the group's historical US sanctions compliance," Standard Chartered said.
"We anticipate that these discussions will conclude very shortly and are likely to result in the group paying a sum of approximately $330 million," it added in a statement to the Hong Kong stock exchange, where it is listed.
The latest settlement would conclude investigations by the US Justice Department, the Treasury, the Federal Reserve and the Manhattan district attorney's office, the Wall Street Journal reported last week.
The alleged transactions mainly involved US dollar transfers for state-owned Iranian banks, including the central bank, that fell under US sanctions aimed at curtailing Iran's controversial nuclear programme.
The New York Department of Financial Services said in August that the activity "left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes".
RBI has asked all core investment companies investing in joint ventures or subsidiaries or representative offices overseas in financial sector to obtain require prior approval from the central bank