Infosys bags Rs 700-cr postal contract

India’s second largest Information Technology services firm Infosys has managed to bag the Rs 700-750 crore financial services systems integrator contract from the Department of Posts (DoP). This is the second contract from the department for Infosys.

Infosys, said sources, has emerged as the lowest bidder for the contract. Other vendors in the fray includes India’s largest software exporter Tata Consultancy Services and global services giant HP.

A postal department official confirmed the development. Infosys top management declined to comment because the company is observing a silent period before announcing its second quarter results on October 12.

               

The contract is part of the government’s postal department modernisation project. The financial services contract is among the eight that the department is outsourcing.

Earlier this year, Infosys had also managed to bag the 'rural information and communications technology (ICT) system integrator (SI)’ contract, worth Rs 100 crore.

As part of the new project, Infosys would help with postal banking and insurance solutions, enabling the department to perform ‘anytime, anywhere’ banking. In August 2010, the Cabinet Committee on Economic Affairs had approved the India Post Modernisation, IT modernisation project with a total outlay of Rs 1,877.2 crore. India Posts' IT modernisation initiative is expected to create opportunities of Rs 5,000-crore for IT services and hardware companies.

D.A. ORDERS ISSUED BY MINISTRY OF FINANCE ( From July - 2011)

Subject: - Payment of Dearness Allowance to Central Government Employees - Revised Rates effective from 1.7.2011.

 No. 1(14)/2011-E-II (B) dated 3^rdOctober, 2011 (Ministry of Finance)

          The undersigned is directed to refer to this Ministry's Office Memorandum No.1(2)/2011-E-II(B) dated 24^th March, 2011 on the subject mentioned above and to say that the President is pleased to decide that the Dearness Allowance payable to Central Government employees shall be enhanced form the existing rate of 51% to 58% with effect from 1st July, 2011.

2. The provisions contained in paras 3, 4 and 5 of this Ministry's O.M. No.1(3)/2008-E-II (B) dated 29th August, 2008 shall continue to be applicable while regulating Dearness Allowance under these orders.

3. The additional instalment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees.