10 LAKH POSTAL SAVINGS BANK ACCOUNT-HOLDERS ARE EXPECTED TO BENEFIT-CHENNAI GPO IS ONE OF POST OFFICES WHERE THE POSTAL DEPARTMENT WILL SET UP AN ATM

CHENNAI: The Department of Posts will soon set up automated teller machines (ATM) in Chennai GPO and eight head post offices in the city and surrounding areas for its savings bank customers.

Officials of the postal department said that steps are being taken to earmark sites measuring 80 sq. ft. at the post offices. The eight HPOs are: Anna Road, T.Nagar, Mylapore, St.Thomas Mount, Park Town, Ambattur, Avadi Camp and Tambaram.

Post Master General (Chennai City Region) M. S. Ramanujam said that measures are under way to computerise the transactions of the savings account as part of the department's move to provide core banking solutions. The civil work for establishing the ATMs would begin in about two months. Customers would be able to make use of the facilities by the end of the current fiscal.

Nearly 10 lakh account holders in the nine post offices are expected to benefit from the 24-hour ATM facilities. Once the facility is in place, customers need not spend time waiting at the counters to withdraw cash. With the postal banking services popular among senior citizens, the ATMs would be immensely beneficial to them.

This would also help in cutting down the transaction cost for the department. The Department of Posts is in the process of floating tender seeking bids from ATM equipment suppliers as the facility is being introduced in various postal circles in many States.

Officials of the postal department said that the ATMs to be installed in the HPOs could also be eventually used by the customers who hold accounts with banks. The facilities would be governed by the guidelines prescribed by the Reserve Bank of India.
Such ATM facilities would be set up in the nearly 100 head post offices across the State. The department also plans to extend the service in other post offices across Tamil Nadu in a phased manner depending on the customer response, the officials added.

Source: The Hindu