Post office savings bank interconnect to other banks by April

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Post office savings bank interconnect to other banks by April

Indian post aims to make the post office savings bank practically in use with the other bank accounts during April and will also focus on enhancing the scope of digitization for all the services in 2021, a senior official of the department said. During the lockdown, The postal division was at the frontline to provide essential parcels in the hour of need, when railways, air traffic, and roads were knocked down and start again to improve the capacity as well the trains, which are not completely operational yet. It was told by Pradipta Kumar Bisoi, who is a secretary at the department of post.

The goal is to expand our focus on digitizing services and to deliver all types of postal services at the doors in the upcoming year. The banking and financial assistance have been digitized already. As Bishnoi mentioned, the aim is to eventually make Post Office Savings Bank also directly practical with accounts of other banks by April. The Post Office Core Banking Solution (CBS) system is declared the largest in the world with around 23,483 post offices already on this network

The India Post serves more or less 50 crores Post Office Savings Bank, the POSB clients with a total of 1.56 lakh post offices all across the country with a balance of Rs 10.81 crore outstanding under the POSB schemes. All accounts under POSB can be linked to the India Post Payments Bank (IPPB) accounts and can be utilized through DakPay, which is a mobile application. Bisoi said besides converting services digitally available to people, the key focus is to deliver on the doorstep for all the services eventually. This year the post remitted Rs 900 crore money through around 85 lakh transactions and ascertained 3 lakh pensioners on their doors.

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