P Chidambaram unveils country's first post office savings bank ATM

Posted By: Religare
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As a part of the government's IT modernisation scheme for the Department of Posts, Finance Minister P Chidambaram inaugurated the country's first Post Office Savings Bank ATM, reported PTI.

P Chidambaram unveils country's first post office savings bank ATM
Inaugurating the ATM service launch at Thiyagaraya Nagar Head Post Office (HPO), Chidambaram said that Rs 4,909 crore had been allocated for the IT modernisation of Department of Posts in the interim budget for 2014-15.

"The IT modernisation scheme is aimed at making Department of Posts a completely technology-oriented one and today's initiative is a step in that regard," he said. The IT modernisation scheme would cover 1.55 lakh Post offices and would be implemented by next year, he added.

Speaking about the newly launched ATM service at the HPO, Chidambaram said that while it will initially operate in a closed environment for about six months, it will later change to 'inter-operability,' on the lines of bank ATMs, allowing customers to withdraw money from any ATM.

According to an official release, the T Nagar HPO ATM is the first in the country and "four more ATMs are ready for operations" in Delhi and Mumbai. "It is proposed to install 1,000 ATMs across the country in 2014. Another 1,800 ATMs will be added in 2015," it said.

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