All 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks, Finance Minister Nirmala Sitharaman announced on Tuesday.
”In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking ATMs and also provide online transfer of funds between post office accounts and bank accounts,” Sitharaman said.
68 per cent of capital for defence sector to be earmarked for local industry: FM (newsd.in)
He added that this will be helpful especially for farmers and senior citizens in the rural areas enabling interoperability and financial inclusion.
Currently, post offices provide savings account services and payments bank services through the India Post Payments Bank.
400 new generation Vande Bharat trains to be manufactured in next 3 years: FM (newsd.in)