India Post to set up 3000 ATMs,1.35 lakh mirco-ATMs by Sept 15

Even as its application to start a commercial bank is pending, India Post has drawn a massive plan to install as many as 3,000 ATMs and 1.35 lakh micro-ATMs at the ubiquitous post offices across the country for savings account holders by September 2015, said the media report.

"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 told media.

She said 1,000 ATMs with the India Post branding will be put in within the first year, which will be ramped up massively to 3,000 in the next 18 months.

To start with, the ATMs can be used only by 26 crore savings account-holders who save with the postal department, but Gopinath exuded confidence that within six months of the launch, they will get the interoperability permission from the Reserve Bank.

Through interoperability, India Post will join the National Financial Switch, which will benefit India Post account holders to transact at the banks' ATMs and vice versa, she added.

Dion Global Solutions Ltd.

Read more about: india post, atm, bank, postal department, rbi
Story first published: Monday, January 27, 2014, 9:10 [IST]
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