India’s first post office savings bank ATM inaugurated in Chennai
The Union Finance Minister P. Chidambaram inaugurated the India’s first post office savings bank ATM at the Head Post Office in Thyagaraya Nagar, Chennai.
About Post office savings bank ATM
- The ATM would run on a trial basis for six months.
- Objective: To make the department technology-oriented.
- Part of an Information Technology (IT) modernization project of the Department of Posts.
- Rs 4,909 crore had been allocated for the IT modernisation of Department of Posts in the interim budget for 2014-15.
Note: By March 31, 2014, a total of 700 more post offices will be covered and all 26,840 post offices will be functional under CBS in another two years.