Department of Posts is going to introduce Banking service through Post Offices. All post offices will also work as Post Banks. ATMs will also be introduced along with Postal Banks.
Department of post is going to launch post bank and prepaid card scheme very shortly all the regional heads of all circles have been directed to personally identify and expedite the manner of installation of ATM,s in Head post offices. RBI approval and License is awaited. As part of core banking process all existing accounts are now updated in computers. The circle heads are frequently stressed to complete the signature scanning of all A/c holders as early as possible. A centralized server possibly at Ghaziabad is proposed to be constituted which will automatically extract data from all HO & SO as when the counter clerk enters a transaction. The role Of SBCO will be minimized. The preservation of records at all Hos will be considerably reduced. Under Prepaid card scheme which is to be launched in collaboration with banks,. all expenses are to be borne by banks. Cards will be issued to customers who have Savings account only and later expanded to other customers. With help of card one can withdraw money in POs/ Any ATM/make purchase in any merchant outlets. A minimum charge will be levied for each operation. Minim um load is Rs 1000 maximum reload to card is Rs50000. Maximum withdrawal is 10000 per day and only four times can a card be used in a single given day.
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