Budget 2022: 100% of 1.5 lakh post offices will come on core banking system, says FM Nirmala Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman announced in her presentation of the Union Budget 2022 that all 1.5 lakh post offices will be connected to the core banking system, allowing for financial inclusion and access to accounts via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts.

The government has projected growth at 8% to 8.5% compared with an estimated 9.2% for the current fiscal year and a 6.6% contraction the previous year.

"The overall sharp rebound and recovery of the economy is reflective of our country`s strong resilience," Sitharaman said, as she began her budget speech in parliament that will lay out spending, tax collections and the fiscal deficit.

Prime Minister Narendra Modi`s government has made building of infrastructure a top priority to improve the cost of doing business.

"The touchstone of the master plan will be world-class, modern infrastructure and logistics synergy among different modes of movement of both people and goods, and location of projects," Sitharaman said.