Though Indian Post has not yet received the confirmation to work as a commercial bank, but it has unveiled its plan to launch nearly 3000 ATMs 1.35 lakhs micro ATMs by September this year. The Indian post is aiming to install ATM at all the post offices across the country.
Postal department secretary Padmini Gopinath reported that in the beginning it will establish 3 ATM in Delhi, Bangalore and Chennai by February 5 and gradually will launch more. There are nearly 26 crore account holders who save with Indian posts. In the beginning these crore account holders can use these ATMs.
The micro ATMs will be like handheld machines that will be controlled by Post office and the ATMs will be same as that of the banks. At present there are 1.55 lakh post offices providing savings accounts facility to the people, and maximum are in rural areas. The Indian post offers 4% interest rate on deposits. The Indian post is trying its level best to start as commercial bank.