India Post ATMs will be integrated with other bank networks
All the three head post offices in Kollam district will be provided with the automatic teller machine (ATM) facility of the India Post from the first week of June. The head post offices (HPO) are at Chinnakada in Kollam city, Kottarakara and Karunagapally. Initially people with accounts in postal department can use the services of the ATM.
All the 52 HPOs across the State are being provided with the facility. India Post, which has already received licence for starting a Payments Bank, proposes to link all the post offices across the country to the core banking system (CBS).
A proposal is also being sent to the Reserve Bank of India for allowing ATMs of India Post mto work on the platforms of all other banks.
Thereafter, the India Post ATMs would be integrated with other bank networks.
Payments Bank
The Payments Bank of India Post is expected to be launched early next year. Postal authorities in Kollam said that out of the 94 post offices in the district, 92 had migrated to CBS.
The facility enables people having account with the Postal Department to carry out transactions from any post office in the country.
Debit cards for India Post ATMs will be provided to anyone opening an account with just Rs.50.
The authorities here expect the integration of India Post ATMs with other banks to materialise within six months.
Source: The Hindu
Head post offices to have ATM facility from June
