National launch of post office savings bank ATM and core banking-postal life insurance

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India Posts is operating small savings schemes since 1882. Presently, the following seven schemes are being offered- Savings Account, Recurring Deposit, Time Deposit, Monthly Income Account Scheme, Senior Citizens’ Savings Scheme, Public Provident Fund and National Savings Certificates (VIII and IXth Issue). The total number of accounts of Small Savings Schemes is 29.89 crores.

The Department of Posts has undertaken an end to end ‘IT Modernization project 2012′ to equip itself with requisite modern tools and technologies. In order to IT enable Post Office Savings Bank, Core Banking Solution (CBS) is being implemented across India covering all the post offices.

At present, 64 Post Offices have been migrated into the CBS environment in Delhi, Uttar Pradesh, Tamil Nadu, Karnataka, Maharashtra, Assam and Andhra Pradesh. As on date, four Post Office Savings Bank ATMs have started functioning. M/s Infosys ltd. has provided the Core Banking Solution, Finacle, for the IT Modernisation Project of India Post.

Core Banking Solution (CBS) will enable customers to operate their accounts and avail account related services from any post office in the country. ‘Anywhere Anytime Banking’, Net-banking, RTGS, NEFT shall be available for the Post office customer. The objective of CBS is to provide faster and easier banking services through internet, mobile devices and ATMs

The Post Office ATM will facilitate the customer to withdraw money anytime. The ATM at Indraprastha Head Post Office and Delhi GPO will be replicated in 1000 locations across the country in the next few months. This will be scaled upto 2800 ATMs by 2015.

A total of 600 Post offices in India will be migrated by March 2014 and 23,207 Post Offices in India are to be migrated by 2015.

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