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Government Brings 96% Post Offices Under Core Banking System


Greater than 96 per cent submit places of work have been introduced beneath core banking system

Round 96 per cent of submit places of work throughout the nation have been introduced beneath the core banking system (CBS), as a way to implement the “Anytime-Wherever Submit Workplace Financial savings” service.

There are a complete of 1,58,526 submit places of work in India, out of which 1, 52,514 submit places of work or 96 per cent of them have already been introduced beneath the CBS, official sources knowledgeable

Authorities has mentioned that it’s within the means of organising the Anytime-Wherever Submit Workplace Financial savings scheme, which is able to enable on-line switch of funds between postal and financial institution accounts.

Finance Minister Nirmala Sitharaman had mentioned in her speech whereas presenting the finances for 2022-23 on February 1, 2022 that “100 per cent of 1.5 lakh submit places of work will come on the CBS enabling monetary inclusion and entry to accounts by way of internet banking, cellular banking, ATMs, and likewise present on-line switch of funds between submit workplace accounts and financial institution accounts”.

This won’t solely assist the prevailing submit workplace financial savings account holders but in addition encourage new people to open up a financial savings account with ease, sources mentioned.

The federal government can be working in direction of offering nationwide digital funds switch (NEFT) and actual time gross settlement (RTGS) services for on-line switch of funds from submit workplace accounts to financial institution accounts and vice versa, official sources mentioned.

Along with this, the federal government can be taking steps to offer connectivity by way of intermediate knowledge fee (IDR) connectivity, digital personal community (VPN) connection and really small aperture terminal (VSAT) connectivity. It’s also making certain provision of subscriber identification module (SIM) based mostly handheld and level of sale (PoS) gadgets in recognized submit places of work situated in rural and hilly areas, official sources mentioned.

These services will assist enable easy implementation of the Anytime-Wherever Submit Workplace Financial savings service.

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