3000 ATMs to be installed by India Post
Posted on: 27/Jan/2014 11:04:08 AM
India Post will be installing 3000 ATMs and 1.35 Lakhs micro-ATMs at the omnipresent post offices across the country for savings account holders by September 2015. The three ATMs will be installed in New Delhi, Chennai and Bangalore on February 5 .
To start with, the ATMs can be used only by 26 crore savings account-holders who save with the postal department.
Postal savings are worth around Rs 6.05 trillion, which is half the savings in the largest lender SBI and more than double that of the largest private sector lender ICICI Bank.
India Post has been working with software major Infosys on this project.The micro ATMs will be handheld devices to be operated at the post office level while the ATM will be similar to the one operated by any commercial bank.
The postal department, which has 1.55 lakh post offices over 90 per cent of which are in villages, offers the savings account to people across the country and pays an interest of 4 per cent per annum for such deposits. The account offers cheque facility at present.
