The government puts 96% of post offices under the basic banking system

Over 96% of post offices have been integrated into the central banking system

About 96% of post offices across the country have been integrated into the Central Banking System (CBS), to implement the “Anytime-Anywhere Post Office Savings” service.

There are a total of 1,58,526 post offices in India, of which 1,52,514 post offices, or 96% of them, have already been subjected to the CBS, official sources said.

The government said it was rolling out the Postal Anytime-Anywhere savings scheme, which will allow funds to be transferred online between postal and bank accounts.

Finance Minister Nirmala Sitharaman had said in her speech during the presentation of the budget for 2022-23 on February 1, 2022 that “100% of 1.5 lakh post offices will come on CBS enabling financial inclusion and access to accounts through online banking, mobile banking, ATMs, and also provide online funds transfer between postal accounts and bank accounts”.

This will not only help holders of existing postal savings accounts, but also encourage new people to easily open a savings account, sources said.

The government is also working to provide national electronic funds transfer (NEFT) and real-time gross settlement (RTGS) facilities for the online transfer of funds from postal accounts to bank accounts and vice versa, officials said. official sources.

In addition to this, the government is also taking steps to provide connectivity through Intermediate Data Rate (IDR) connectivity, Virtual Private Network (VPN) connection and Very Small Aperture Terminal (VSAT) connectivity. It is also ensuring the provision of subscriber identity module (SIM)-based point-of-sale (PoS) and wearable devices to identified post offices located in rural and hilly areas, official sources said. .

These facilities will enable smooth implementation of the Anytime-Anywhere postal savings service.

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