India Post, other bank ATMs to be interoperable

NEW DELHI: India Post is carving out a separate vertical to manage banking services, a move that will help it win RBI nod for interoperability of its ATMs with those

NEW DELHI: India Post is carving out a separate vertical to manage banking services, a move that will help it win RBI nod for interoperability of its ATMs with those of PSU banks. “We wanted interoperability of the ATMs of Post Offices with other banks. RBI said we can allow it only if Post offices create a separate bank vertical because RBI has jurisdiction over only banks,” a finance ministry official said. Interoperability will allow individuals to transfer money from their Post Office account to their accounts in any bank.

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