For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Core Banking Facility Available At Over 20K Post Offices

By Super
|

New Delhi, Mar 14 (PTI) Customers with Post Office savings can now operate their accounts from 20,106 branches as they have been connected with core banking facility, Telecom Minister Ravi Shankar Prasad said today.

"By today number of Core Banking Branches of @IndiaPostOffice touched 20,106. It had only about 230 such branches in May 2014," Prasad said in his tweet.

Core Banking Facility Available At Over 20K Post Offices
 

Implementation of Core Banking Solution (CBS) is part of the IT Modernization Project of the Department of Posts (DoP) that aims to bring in various IT solutions with the required IT infrastructure to the post offices.

DoP has decided to implement CBS in all departmental post offices including provision of ATM and Internet banking facilities.

The postal department has also received 'In-Principle' approval from the Reserve Bank of India September 7, 2015 for setting up of the Payments Bank within 18 months.

The Department has received clearance for funds from the Public Investment Board (PIB) for the payment banks and is in the process to take which will be followed by approval from the Cabinet Committee on Economic Affairs. The DoP is now providing core insurance solution at 25,406 post offices. It has installed ATMs at 576 post offices.

PTI

Read more about: post office india post banking
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more