Banking,Banking sector projects by Department of Post in
Project Information
5609
Department of Post
India Post, which has post offices spanning all over the country, is all set to launch an ambitious ATM installation drive in the country.
Sources familiar with the matter reveal that India Post will install 3,000 ATMs and 1.35 lakh micro-ATMs pan India by September 2015. Of these, 1,000 ATMs will be installed within the first year of the project.
Pilot Project in New Delhi
As a pilot project, the ATMs will be installed in certain select cities including Delhi. The micro ATMs will be hand-held devices and would be kept inside the post offices.
"We will be starting with three ATMs to be installed in New Delhi, Chennai and Bangalore on February 5 and then ramp it up gradually," postal department secretary Padmini Gopinath said.
These ATMs will be installed at various post offices and will be made available to the 26 crore customers who have a savings account in post offices.
The Department is hopeful that it will subsequently get the inter-operability permission from the RBI. Such permission will enable the post office saving account holders to access their accounts using the ATMS of other commercial banks.
The move is likely to reduce human intervention in post office services, streamline operations and add to customer convenience.
Application for Core Banking
India Post has already applied to the Reserve Bank of India (RBI) for a banking license, the approval for which is expected in 2014.
Last year, a parliamentary committee made inspections at some post offices in the National Capital to assess the situation.
A couple of days before the Republic Day, Kapil Sibal, Minister for Communications and IT assured that his ministry is leaving no stone unturned to convince the Finance Ministry to get banking license proposal cleared for India Post.
"We are yet to go some way to convert the postal department into a post bank. We have been fighting this battle and we are not going to give it up till we reach a logical conclusion," the honorable minister was quoted.
Project Value
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Pre Project Activities Underway
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India
Banking,Banking
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