India Post, a state-run postal service, is planning to roll out 5,000 automated teller machines (ATMs) throughout the nation and bring all its branches on a single technology platform.
The company is among the 25 applicants, which have sought banking licence from the Reserve Bank of India (RBI), and plans to open a bank under the name Post Bank of India.
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India Post will partner with Infosys to use its Finacle software to form the core banking solution (CBS), which will allow customers to access their accounts and perform transactions at any postal network branch, reported livemint.
As a pilot programme, the company has already started implementing the CBS at the Greams Road Post Office in Chennai, India.
The company will introduce the ATMs in two phases, where the first phase will see installation of 1,000 ATMs in the next six months.
EY, formerly Ernst and Young, financial services head and partner Abizer Diwanji told the website that like every other aspirant for the banking licence, India Post is building up their capacity for banking services.
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By GlobalData"Building a unified nationwide network for financial services makes sense for the department to develop their financial service offerings, even if they do not get the banking licence," Diwanji added.
