India post unveils post office savings bank ATM

NEW DELHI, INDIA: The Department of Post has announced that the Postal Department has undertaken an end to end ‘IT Modernization project 2012' to equip itself with requisite modern tools and technologies.

"In order to IT enable Post Office Savings Bank, Core Banking Solution (CBS) is being implemented across India covering all the post offices," said a statement from the postal department.

Also read: India Post set to open first ATM in Bangalore

At present, 64 Post Offices have been migrated into the CBS environment in Delhi, Uttar Pradesh, Tamil Nadu, Karnataka, Maharashtra, Assam and Andhra Pradesh.

Further, the release added that the Core Banking Solution, Finacle, for the IT Modernisation Project of India Post was provided by Infosys and as on date, four Post Office Savings Bank ATMs have started functioning.

Like banking system, the postal department has plans to leverage CBS, which will enable customers to operate their accounts and avail account related services from any post office in the country.

‘Anywhere Anytime Banking', Net-banking, RTGS, NEFT shall be available for the Post office customer, it said.

The Post Office ATM will facilitate the customer to withdraw money anytime. The ATM at Indraprastha Head Post Office and Delhi GPO will be replicated in 1000 locations across the country in the next few months.

The postal department has plans to increase up to 2800 ATMs by 2015.

A total of 600 Post offices in India will be migrated by March 2014 and 23207 Post Offices in India are to be migrated by 2015.