The General Post Office here would implement Core Banking Solution (CBS) from December 1, enabling its savings bank customers carry out their transactions online and withdraw cash through ATMs.
The project would be implemented through IT major Infosys' CBS software FINACLE, being used by a large number of commercial banks, an official release said.
Keeping pace with the technological changes in the banking field and to meet the expectations of the customers, India Post has undertaken a project for switching over to the Core Banking Solution (CBS) platform with a total project outlay of Rs 800 crore.
CBS would enable customers to do banking operations through computers, mobile phones and withdraw cash through ATMs and making money transfer between accounts easier.
The Greams Road Post Office here was the first CBS office in the country to start core banking from December 16 last year and Chennai GPO would be the 1000th to implement it.
India Post has the largest Postal Savings Bank network in the world, with more than 31 crore live accounts and deposits exceeding Rs six lakh crore, the release added.
India Post is also set to release a Special Cover with Cancellation to mark the occasion at the Chennai GPO on December 1.
