25 Mar, 2014
4873 Times Read.
RSS Feed for this Article
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.
Banking Awareness | IPBS Online | IPBS Online Test | Bank Online | Computer Banking Online Test |
The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.
Know, who is Vijay Kelkar and what is PPP !
Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.
Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !
Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.
Know about Sepp Blatter!
Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.
Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.