Country's first post office savings bank ATM in Chennai

Country's first post office savings bank ATM in Chennai

Finance Minister P Chidambaram inaugurated the Country's first post office savings bank ATM in Chennai as a part of the government's Rs 4,909 crore IT modernization scheme for the Department of Posts.

• The IT modernization scheme would cover 1.55 lakh Post offices and would be implemented by next year.
• 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.
• Rs 700 crore has been earmarked for implementing Core Banking Solution (CBS) for Post officeSavings Bank. By March 31, 2014, a total of 700 more post offices will be covered and all 26,840 post offices will be functional under CBS in another two years.