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3i Infotech investing Rs300 mn in service centres

3i Infotech investing Rs300 mn in service centres
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First Published: Wed, May 09 2007. 04 14 PM IST
Updated: Wed, May 09 2007. 04 14 PM IST
Reuters
Mumbai: Software services firm 3i Infotech Ltd is investing Rs300 million in setting up common service centres (CSCs) in the states of Haryana and Karnataka as part of an e-governance project, a senior official said.
“We are bidding for Common Service Centre projects in some more states in order to provide both government-to-citizen services and financial services to customers in rural areas,” Chief Operating Officer Anirudh P. said on Wednesday.
It is providing these services in alliance with Financial Information Network & Operations Ltd (FINO), an entity promoted by four banks — Union Bank of India, Indian Bank Ltd, Corporation Bank and ICICI Bank.
Government services include land record certificates, tax payments, filing returns, birth certificates among others. Financial services include banking services, insurance and investment services to rural customers.
All these services can be availed of at the CSCs, through point-of-service hardware, which recognises customers through a combination of smartcards and biometrics such as fingerprints.
“We are bidding for projects in two more states,” Anirudh said. The current work in Haryana and Karnataka would be completed in a couple of months, he said.
The Indian government has set out the target to have CSCs — which are centres dispensing a host of services to the rural populace through innovative technologies - in 100,000 of some 600,000 villages by end of the current fiscal year.
The budget for this is $1.3 billion and 30% of this would come from the federal government and the respective state governments.
3i, which had 6% revenues from its e-governance business last year, will again partner FINO in other states as well, Anirudh said.
He added the software firm’s guidance for the current year had factored in the CSC projects as well.
FINO, which has been set up by the banks as a vehicle to offer financial services in areas where banks find it difficult to set up branches, has a paid-up capital of Rs350 million, equally contributed by the four banks.
Another Rs800 million will soon be raised through an issue of equity to the promoter banks, CEO Manish Khera said.
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First Published: Wed, May 09 2007. 04 14 PM IST
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