Is there a publically available List or a database that has geo-coordinates to Postal/Zip Code mapping ?
For what country? Some countries have publically available databases but most don't.
Commercial databases often carries a hefty price and an unfriendly license. There are efforts underway by OpenStreeMap and FreeThePostCode (UK) that you might want to check out for more information.
Wikiepedia also has a pretty good article on postal codes in general with lots of information.
This page at about.com talks about a zip code database for the US that was produced in 1999 by the Census Bureau (rendering it public domain according to US-laws). A lot has happened since 1999 though but it may be worth a look.
Depends where you are in the world... For the united states, I believe the information is available without restriction. In the UK, you can license the "Postal Address File" from the Royal Mail, but it's expensive.
I found someone selling the Zip Code database here:
http://www.zip-codes.com/zip-code-database.asp
But you need to be aware that the information changes over time - as new properties are built...
You can use Google Maps API for reverse geocoding. Check this out Google Maps Reverse Geocoding and a working sample.
Also you can check out earlier questions: How to convert Latitude and longitude to Location name
If you have money and you want to pay for it Navteq and TeleAtlas will also sell you the data. They cover quite a bit of the globe but not all of it. There also might be the data in Open Street Map (OSM). I would reccomend looking there first.
There's nothing free for commercial use -- not even Bing, Yahoo, or Google. See my answer on this other post: