Finance Minister initiated country’s first post office savings bank ATM in the country today in Chennai. Under the IT modernization scheme it was planned to make department of Post fully technology oriented and this is the first step towards the initiative. After launching the first ATM at Thiyagaraya Nagar Head Post Office (HPO) Mr. Chidambaram reported that 1.55 lakh more are there to be established by the next year.
People believe that the post office is the best place for the courier and parcels but due to drop down in demands of letters these day, post offices will be offering banking services as well. After this first post office ATM in the county, four more ATM are there in the pipeline to be initiated soon in Mumbai and Delhi. Finance ministry is planning to have 1,000 such ATMs by 2014 and another 1,800 by 2015. By the end of March 700 more post offices will covered and all 26,840 post offices will be functional under CBS in another two years.