Friday
March 4
2016

India Post to Approach RBI for Interoperability of Its ATMs by Year End

In another step towards financial inclusion, the government is planning to make 10,000 ATMs under postal services interoperable with commercial banks, allowing consumers to withdraw money directly from their bank accounts rather than restricting them to postal accounts.

Officials in the department of posts said they will soon approach the Reserve Bank of India to obtain a nod on the proposal which aims to make the ATMs interoperable by the year end.

The initiative — taken by Communications and IT Minister Ravi Shankar Prasad — will help in making banking services popular and more accessible in rural areas.

“The minister has asked that the proposal should be taken to RBI on priority basis,” an official said.

The government wants to leverage the vast network of India Post for implementing the mandate of financial inclusion and it has received renewed momentum from the Budget recommendations.

Source: The Economic Times (link opens in a new window)

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Uncategorized
Tags
banking, financial inclusion, unbanked