Finance Minister P Chidambaram inaugurated the first ATM of India Post network in Chennai on 27/02/2014 @ Head Post Office in Thyagaraya Nagar
This was followed by inauguration of two more ATMs in New Delhi on 28/02/2014 by Communications and IT Minister Kapil Sibal. New Delhi ITO Post Office and New Delhi Kashmere Gate PO were chosen for this coveted honor.
The target is to deploy 2,800+ ATMs’ by March 2015. AS of now, 64 lakh account holders spread over sixty-two post offices in Delhi, Uttar Pradesh, Tamil Nadu, Karnataka, Maharashtra, Assam and Andhra Pradesh, can access the India Post ATMs.
Shri Kapil Sibal said “Some people only talk about common man but we are among those who work for common man without making noise. This ATM is for ‘Aam Aadmi’ at a common man’s post officer. This is a gift for Aam Aadmi and I congratulate Aam Aadmi,” he said.
“The ATM will serve only Post Office customers for first 6-8 months. After that we will link it with ATMs of other banks. Thereafter customers of any bank will be able to withdraw money and our customer will be able to use other ATM,” Delhi Circle Chief Post Master General Vasumitra said.
The ATMs work on an outsourced model. The cash management, forecasting and loading will be done by the financial services system integrator through its ATM partner. However, physical cash will be supplied by post offices.
Under the India Post 2012 Project, ATMs shall be sourced on a lease model under the scope of the FSI (Financial Services System Integrator). ATM outsourcing includes the machines, ATM managed services, cash management and some part of site preparation.