e-Governance News

India Post Enters Banking Vertical

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Financial inclusion is a much talked about topic these days. While major banks of the country are striving to achieve this dream, India Post has been playing a silent yet significant role. As another initiative towards financial inclusion India Post has announced that it would be rolling out 150 branches of their core banking in the next two months. India Post, which has one of the largest networks, in terms of communication and which also boasts of over 20 crore individual savings bank accounts, had evinced interests in becoming a full fledged banking option, especially in Rural India.

The Post Master General (Karnataka Circle) Vasumitra told that 4,000 branches across the nation would soon have the core banking facility. “The operations would be carried out in a phase by phase manner and in the first phase nearly 1,000 Departmental Post offices would have core banking,” he said and added that Karnataka would get 150 such branches in the first phase. He said that all the preparatory requirements such as data entry of accounts, updates, data mining and cleaning along with ministerial clearance were all completed. He said that their reach to every small village across the nation would help in networking between these branches. “Core Banking Solutions (CBS) and ATM facilities would soon follow,” he said.
Speaking about the modernisation of India Post, he said that over 10,000 Post offices were already computerised and that most of them would follow suit. Vasumitra also said that due to their presence in rural parts of the country many banks across the nation wanted to partner with India Post. The post master general informed that India Post has now tied up with National Institute of Smart Governance (NISG) for better e-Governance initiatives and also to remain at par with competitors.

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