SBI to use Indian Postal Dept. to sell its products

SBI to use Indian Postal Dept. to sell its products

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The State Bank of India is planning to partner with the Indian Ministry of Communications, which will enable the bank to sell its products through the post office network of 1.5 lakh branches across the country.

This alliance will help the bank to use the post offices as the business correspondent model for fiscal inclusion. SBI can use the postal branch network and also invest in upgradation and computerisation of post offices that could further help in better services from these branches. Many public sector banks have tied up with the Postal Department of India. The postal department plans to encourage both the sender and receiver to open savings accounts with the nearest post office, after which the money deposited can be transferred.

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