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Post offices see spurt in cash deposits by customers

There are 2.50 crore accounts, including savings accounts and recurring deposits, in Chennai region alone

In a bid to ease the inconvenience of customers waiting in queues, the Department of Posts has started operating most of its ATMs across the State. However, only those with postal accounts can withdraw money.
In the past four days since demonetisation was implemented, post offices across the State have made transactions to the tune of nearly Rs. 915 crore. Many people seemed to have found it convenient to deposit cash in post offices, going by the volume of deposits. Of the total cash transactions, nearly Rs. 772 crore has been deposited in the savings bank accounts.

Officials of the postal department said they have extended working hours of counters for exchanging currency, which are mostly Rs. 100 and Rs. 2,000 notes. On Sunday alone, nearly Rs. 63 crore worth currency notes were exchanged for lower denomination notes.
At present, the postal department is carrying out only banking transactions and even mail delivery has been suspended for two days on account of national holiday. People are exchanging Rs. 500 and Rs. 1,000 notes, which have lost their legal tender value, at nearly 2,600 head post offices and sub post offices across the State.
While some post offices exchange currency for the specified limit, some of them limit giving cash to Rs. 2,000 or Rs. 1,000 depending on the availability of cash reserve. J.T. Venkateswarulu, postmaster general (mails and business development), said: “We want to serve all the customers who visit the post offices. We have started providing new Rs. 2,000 notes as well. The demonetisation move has also facilitated opening of new postal savings bank accounts by customers.”
There are nearly 2.50 crore accounts, including savings bank accounts and recurring deposits, in Chennai city region alone.
Of the 91 postal ATMs installed across the State, nearly 80 have started functioning. Chennai city region has nearly 20 ATMs to enable customers to withdraw money. The remaining will be operational in one or two days once adequate cash is loaded, he said.
There are 2.50 crore accounts, including savings accounts and recurring deposits, in Chennai region alone
Source : THE HINDU