India Post set to open first ATM in Bangalore

Post office saving bank account holders in Bangalore can experience new ATM card facilities shortly

News | by CIOL Correspondent

BANGALORE, INDIA: When you hear 'ATM', what is the first thing that you relate to it? I am sure, many of us, including me, relate it to savings bank ATM card.
How about an ATM card similar to a debit card/ATM card issued by a bank for postal account? Sounds different right?
Yes, the Department of Posts, in an effort to provide enhanced solutions to its customers is all set to launch the first Automated teller Machine (ATM) in Bangalore GPO premises shortly, through a core banking solution.
Last year, the department of post had announced that it has plans to set up 1,000 ATM centres at different post offices across the country, with an aim provide better customer service through IT enablement of business processes and support functions.
Implementing new banking solution enables postal department to offer all kinds of services that are offered by private banks to more than 200 million post office saving bank (POSB) account holders in 1.55 lakh post offices.
When CIOL enquired about the launch of India's first India Post ATM, an official concerned with the Bangalore post office said, on condition of anonymity, that the ATM facility will be launch shortly with good features.
He further added that the postal ATM card enables POSB account holders to withdraw money from any bank ATM, provided they have enough savings.
"POSB account holder need not rely only on Post Office ATMs," he added.
Recently, TCS announced that it had bagged a Rs 1,100 crore, six-year contract from the Department of Posts to provide end-to-end IT modernisation program to equip India Post with modern technologies and systems to enable it to serve more services to more customers, in an effective manner.
The IT modernisation project dubbed 'India Post 2012' will help the department achieve a wider reach among the Indian population through increased customer interaction channels and through new lines of business.