Korea Post, the state-run postal service agency, said Tuesday it plans to abolish or sharply reduce fees for financial transactions at post offices nationwide.

To be implemented later this month, the new policy entails an exemption of all banking costs for low-income Koreans, people with disabilities, teen heads of household, college students, veterans and patriots.

The agency also said it will scrap or cut 35 types of charges by up to 54 percent, such as for automated teller machines, wire transfers, after-hours withdrawals and check issuance.

“The plan resulted from our efforts to shoulder expenses of customers,” Korea Post President Kim Myong-ryong said in a statement.

“We will do our best as a national financial institution by providing services that can directly help enhance their livelihood.”

While mail delivery remains its biggest responsibility, Korea Post has expanded its banking and insurance businesses and built partnerships with securities and credit card firms in recent decades. It runs more than 3,650 branches nationwide, 77 percent of which offer financial services. Korea Post operates about 70 trillion won ($62.7 billion) in assets as of September.

The agency’s announcement comes on the heels of escalating criticism over “corporate greed” in the finance industry, which sparked public protests at home and abroad. Korean banks are projected to rake in record profits in the third quarter albeit deteriorating economic conditions for other businesses and households.

Under pressure from financial regulators, 18 commercial banks and several credit card issuers agreed last month to slash major service charges and craft other measures to ease the burden on consumers.

By Shin Hyon-hee (heeshin@heraldcorp.com)