Over its many years of operation, the level of automation in India Post’s rural post offices significantly lagged India’s general banking standards. In 2008, Project Arrow was launched by India Post to upgrade the aesthetics and technology standards of its post offices to meet today’s expectations. Project Arrow set the stage for the core banking transformation project that was to follow, a project aimed at driving financial inclusion through the use of a modern CBS platform.
Roughly 800 million (70%) were living in the rural areas served by India Post
Postal bank maintained 88.6 million basic savings accounts and 225.3 million accounts
overall Clearly, India Post needed a new CBS platform that would unify its millions of accounts across the postal system, provide room for growth in the future, and extend modern digital banking services beyond the current limits of the urban and affluent customers of the banking system.
Infosys Finacle provided India Post with a technology platform that would
Enable post offices to play a larger role in the social-economic transformation
Scale-up and manage future growth
Agility to launch new products and services including digital banking
Enable customers to transact across the offices of India Post