150,000 post offices in India will be connected to the central banking system: FM

All 150,000 post offices in India will be connected to the central banking system which will allow people to access their account online and also transfer money in post office accounts and to other banks, it said. Finance Minister Nirmala Sitharaman on Tuesday.

“In 2022, 100% of the 1.5 lakh post offices will be integrated into the core banking system enabling financial inclusion and access to accounts through online banking, mobile ATMs and also online fund transfer. line between post office accounts and bank accounts”, Sitharaman mentioned.

He added that this will be particularly useful for farmers and the elderly in rural areas, enabling interoperability and financial inclusion.

Currently, post offices provide savings account services and payment banking services through the India Post Payments Bank.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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