India’s first post office savings bank ATM in Chennai

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25 Mar, 2014

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India post ATM

India’s first post office savings bank ATM in Chennai

The country’s first Post Office (India Post) Savings Bank ATM was inaugurated in Chennai on 27 February 2014 by Finance Minister P. Chidambaram as part of the government’s Rs. 4,909 crore IT modernisation scheme for the Department of Posts specified in the interim budget for 2014-15. This ATM will initially operate in a closed environment for about six months, and later change to ‘inter-operability,’ on the lines of bank ATMs, allowing customers to withdraw money from any ATM. It has been proposed to install 1,000 ATMs across the country in 2014. Another 1,800 ATMs will be added in 2015.

India Post and its ATM/banking aspirations

India Post is going ahead with the rollout of a nationwide network of automated teller machines (ATMs) and bringing all its branches on a single technology platform, notwithstanding the reservations of the finance ministry and the Planning Commission over its proposal to venture into commercial banking.

India Post will use Infosys Ltd’s Finacle software to cover all post offices under the so-called core banking solution (CBS) over the next 14-18 months. It also plans to launch 1,000 ATMs nationwide in the next six months in the first phase.

The plan is to issue ATM cards to all savings deposit holders at India Post. As on 31 March, the department was managing Rs.6.05 trillion of deposits, nearly half the deposit base of government-owned SBI, the country’s largest commercial bank, and double that of the largest private sector lender ICICI Bank. Of this, about Rs.2 trillion is under the savings scheme in 280 million accounts.

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