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Post offices to be connected to core banking system
February 02, 2022
In a major boost to digital banking, Union finance minister (FM) Nirmala Sitharaman announced that all 1.5 lakh post offices in India would be associated with the core banking system. On the off chance that this works, it will enable individuals to get to access the accounts online. It will be feasible to transfer money within the post office and furthermore from post office accounts to other ledgers through net banking, RTGS, and NEFT. This will promote financial infusion and will be a major lift for farmers and the rural economy.
Center banking for post offices has been on the list of things to get off the common man for a long time and it is, at last, coming to reality now. At this point, individuals have needed to use the checkbook each time they need to transfer funds between post offices or between the post office and banks. The transfer process is slow and regularly requires 4-7 days, which will be sliced to under an hour once net banking is enabled.
Center banking-when unrolled in post offices is relied upon to give quicker and easier banking services through the internet, mobile devices, and ATMs.
A couple of years back, post offices unveiled limited core financial using Post Office Core Banking Solution (CBS). Post offices were connected with each other however the real core banking feature was sorely missing.
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