Even though the chances of the getting the banking license for the Indian post is less due to the lack of infrastructure, still the Indian Post is working to expand its business. It has been reported that Indian post will be coming up with 2800 new ATMs by the end of next fiscal year.
Bank is attempting to attract more number of customers to open the post office savings accounts. Indian post is widely spread across the nation with around 155,000 branches all over the country. The finance Minister stated that Indian post need to satisfy the new criteria and will have to work as the other commercial banks work. In order to encourage the customer towards transferring the funds in post office savings account Indian post stopped issuing cheque to the customers upon maturity of their deposits in small savings schemes.
Indian post is planning to expand its network and spread the business with network of 25,000 urban post offices by the end of this year.