New Delhi: 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 on Monday.
"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.
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.