Chief Postmaster General (Andhra Pradesh Circle) B.V. Sudhakar inaugurated a Post Office Savings Bank (POSB) ATM at Kaleswara Rao Market Post Office here on Friday. It is the first such facility in A.P circle and 51st in India.
The POSB customers can withdraw money anytime (a maximum of Rs. 25,000 in a day and Rs. 10,000 at a time), transfer funds within own and others’ savings accounts, make balance inquiries and get mini-statements.
Addressing media persons on the occasion, Mr. Sudhakar said with the help of postal debit cards, customers could operate their accounts and avail account-related services from any post office in the country which is equipped with Core Banking Solution (CBS) system.
A total of 95 ATMs have been allotted for A.P Circle in the current financial year (2015-16) and 46 were expected to become operational by the end of June.
Once CBS is completely rolled out, customers can transfer money from their accounts to any bank account through NEFT (National Electronic Fund Transfer) and RTGS (Real-Time Gross Settlement) methods.
The CBS would improve the performance of DoP by facilitating ATM banking and Internet, mobile and phone banking bringing additional revenues, Mr. Sudhakar added.
Mr. Sudhakar said that the Department of Posts (DoP) was managing deposits amounting to Rs. 6.05 trillion which was half of the deposits of State Bank of India and double that of the ICICI Bank.
In A.P circle, deposits in 2014-15 stood at Rs. 6,934 crore compared to Rs. 10,394 crore in 2013-14, Rs. 10,704 crore in 2012-13 and Rs. 14,635 crore in 2011-12. Total number of POSB account-holders was 1.57 crore in 2014-15, 1.31 crore in 2013-14 and 1.12 crore in previous year.
Vijayawada Region Postmaster General M. Sampath also spoke.
