Home » Core Banking System at Post Office

The government on Tuesday said that in 2022, 100% of 1.5 lakh post offices would come under the core banking system enabling financial inclusion and access to accounts throughnet banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts.
The decision has been made to ensure Anytime – Anywhere Post Office Savings.
The government have decided to promote digital banking in the country, banks have been asked to set up 75 Digital Banking Units in 75 districts.

This will be helpful, especially for farmers and senior citizens in rural areas, enabling inter-operability and financial inclusion

In recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country.
The government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.
Taking forward this agenda, and to mark 75 years of our Independence, it is proposed to set up 75 Digital Banking Units [DBUs] in 75 districts by scheduled commercial banks.

Financial support for the digital payment ecosystem announced in the previous Budget would continue in 2022-23.
This will encourage further adoption of digital payments. There will also be a focus to promote use of payment platforms that are economical and user-friendly.

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

India Post Payments Bank(IPPB) is a division of India Post which is under the ownership of the Department of Post a department under Ministry of Communications of the Government of India.
(MD & CEO)- J Venkatramu.
Headquarters – New Delhi
Founded – 1 September 2018

Core banking covers basic depositing and lending of money.
Core banking functions will include transaction accounts, loans, mortgages and payments.
Banks make these services available across multiple channels like automated teller machines, Internet banking, mobile banking and branches.

Core Banking System at Post Office