9 post offices to get ATMs soon

9 post offices to get ATMs soon

10 lakh postal savings bank account-holders are expected to benefit

Chennai GPO is one of post offices where the Postal Department will set up an ATM.

CHENNAI: The Department of Posts will soon set up automated teller machines (ATM) in Chennai GPO and eight head post offices in the city and surrounding areas for its savings bank customers.

Officials of the postal department said that steps are being taken to earmark sites measuring 80 sq. ft. at the post offices. The eight HPOs are: Anna Road, T.Nagar, Mylapore, St.Thomas Mount, Park Town, Ambattur, Avadi Camp and Tambaram.

 

Post Master General (Chennai City Region) M. S. Ramanujam said that measures are under way to computerise the transactions of the savings account as part of the department's move to provide core banking solutions. The civil work for establishing the ATMs would begin in about two months. Customers would be able to make use of the facilities by the end of the current fiscal.

Nearly 10 lakh account holders in the nine post offices are expected to benefit from the 24-hour ATM facilities. Once the facility is in place, customers need not spend time waiting at the counters to withdraw cash. With the postal banking services popular among senior citizens, the ATMs would be immensely beneficial to them.

 

This would also help in cutting down the transaction cost for the department. The Department of Posts is in the process of floating tender seeking bids from ATM equipment suppliers as the facility is being introduced in various postal circles in many States.

 

Officials of the postal department said that the ATMs to be installed in the HPOs could also be eventually used by the customers who hold accounts with banks. The facilities would be governed by the guidelines prescribed by the Reserve Bank of India.

 

Such ATM facilities would be set up in the nearly 100 head post offices across the State. The department also plans to extend the service in other post offices across Tamil Nadu in a phased manner depending on the customer response, the officials added.

 

 

Source: The Hindu

Post Bank and Postal ATM from India Post to be introduced soon

Post Bank and Postal ATM from India Post to be introduced soon

Department of post is going to launch post bank and prepaid card scheme very shortly all the regional heads of all circles have been directed to personally identify and expedite the manner of installation of ATM,s in Head post offices. RBI approval and License is awaited. As part of core banking process all existing accounts are now updated in computers. The circle heads are frequently stressed to complete the signature scanning of all A/c holders as early as possible. A centralized server possibly at Ghaziabad is proposed to be constituted which will automatically extract data from all HO & SO as when the counter clerk enters a transaction. The role Of SBCO will be minimized. The preservation of records at all Hos will be considerably reduced.

Under Prepaid card scheme which is to be launched in collaboration with banks,. all expenses are to be borne by banks. Cards will be issued to customers who have Savings account only and later expanded to other customers. With help of card one can withdraw money in POs/ Any ATM/make purchase in any merchant outlets. A minimum charge will be levied for each operation. Minim um load is Rs 1000 maximum reload to card is Rs50000. Maximum withdrawal is 10000 per day and only four times can a card be used in a single given day.

Source: FNPO

RURAL POST OFFICES MAY SET UP ATMs-

RURAL POST OFFICES MAY SET UP ATMs-

The government may allow post offices to set up automated teller machines, or ATMs , at rural areas, in an attempt to further strengthen the role of India Post in financial inclusion.

India Post, which is working on major improvements in the payment process for social sector schemes like NREGA, will set up ATM networks in selected areas to give people access to online banking services.

"Central, state and local governments are increasingly preferring government benefit payments to be routed through banks rather than using postal services. We need to innovate so as to continue to play dominant role in financial inclusion," said a senior official with ministry of communications and information technology.

According to the official, the move to provide ATM services to its account holders will put them on a par with banks and other financial institutions working in this space and further strengthen their case for a banking licence.

Earlier, a committee on micro finance and poverty alleviation working under the aegis of Planning Commission had also suggested setting up of Gramtells (rural ATMs) at Post Offices. At present, only 45% of the Indian population has access to basic banking services.

The Postal Department, with its 1.55 lakh branches, already offers a host of financial services such as life insurance. "We are working towards convergence of the reach of Postal Offices with the government's financial inclusion agenda," said the official.

The plan for integration between different arms of the government on financial inclusion was also discussed in a meeting of the Committee of Secretaries, held last week.

"Various mechanisms have been proposed (for convergence) and are being discussed," confirmed a finance ministry official. The government is looking at opening five crore accounts in the selected 73,000 villages having a population of up to 2000, by March 2012.

Source: Economic Times