MP Rajan, the chief post master general, Maharashtra circle, told FE that the departments move is aimed to leverage upon full-fledged core banking operations. Our aim is to offer services that were so far confined to banks, said Rajan.
Rajan said that the department has already launched various core banking operations like the savings schemes, ATM facilities on the lines of other financial institutions, sale of mutual funds, setting up of finance marts and collection of foreign exchange remittances from abroad. The pilot project of distribution of coins and exchange of soiled currency notes has already been launched in the Jharkhand circle at the Jamshedpur, Ranchi, Bokaro, Dhanbad and Hazaribagh post offices.
The department official said that the problem of coin shortages can be addressed if they are made available to the people at the nearby post offices.
He said coins of Re 1 and Rs 2 denomination would be made available at post office counters in exchange of cash at no extra charge on the services. He promptly noted that no demand draft or cheque would be permitted in these transactions. A special counter would be reserved at the post offices. A team of dedicated staff would be deployed at this counter, he added.