India Post ATMs – Go Live in March 2014

Come March 2014, and India Posts’ first set of ATMs can be accessed by customers at T Nagar in Chennai and Gole Dak Khana in Delhi.

Greams Road Post Office-Chennai is running a pilot of Infosys Financle software. The CBS is a necessity for the ATMs rollout.

The ultimate aim of India Post 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.

Out of the total 155,000 post offices, 139,040 are in rural areas. About 6,000 people are covered on average by a post office in rural areas and about 24,000 in urban areas, according to a 2011 estimate by the postal department.

Once the ATMs are in place, the post office savings bank account customers will be able to access their deposits through ATMs. At the same, time customers of other banks too will be able to access their accounts through the India Post ATM network.

India Post has applied for a banking licence, however irrespective of whether India Post gets a banking licence or not, the expansion and modernisation drive of its Financial services will continue.

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