Budget 2022 post office: Nirmala Sitharaman said that more than 1.5 lakh post offices across the country will be connected to the core banking system.
Budget 2022: Finance Minister Nirmala Sitharaman presented the Union Budget today. Under this, the Finance Minister made many big announcements for the common people. Nirmala Sitharaman said that more than 1.5 lakh post offices across the country will be linked to the core banking system. Finance Minister Nirmala Sitharaman has made many big announcements for the banking sector and taxpayers in her budget speech. With this announcement, there will be tremendous changes in the post office service and lakhs and crores of customers will get huge benefit.
Apart from this, the Finance Minister said that 75 digital banking units will also be opened. Work will be done to promote digital banking in the least cost. Along with this, the government’s support to digital banking will continue.
Farmers and senior citizens will benefit
Finance Minister Nirmala Sitharaman said that all 1.5 lakh post offices in India will be linked to the basic banking system. With this people will be able to operate their accounts online themselves. Along with this, customers will also be able to do money transactions in post office accounts and other banks on their own. Sitharaman said, “In 2022, 100 per cent of 1.5 lakh post offices in the country will be connected to the basic banking system and this will enable financial inclusion and operation of accounts through net banking, mobile banking, ATMs and post office accounts and bank accounts.” There will be an exchange of funds between them.
The Finance Minister said that with this it will be beneficial for farmers and senior citizens especially in rural areas. Presently the post office provides savings account services and payment related bank services through India Post Payments Bank.
Banking Infrastructure Access for Customers
This would mean financial inclusion of account holders in 1.5 lakh post offices, said Sanjay Doshi, partner and head of financial services advisory, KPMG in India. Currently, the post office allows limited transfer of funds within its ecosystem as it is not connected to the banking ecosystem.
Doshi said that over 35 crore post office deposit accounts with deposits of more than Rs 10 lakh crore would be linked to the core banking system. Being a part of Core Banking will facilitate easy fund management, including transfer of funds from post office savings to bank accounts and from bank accounts to post office accounts.
This means access for banks to post office accounts and deposit holders, ease of access to banking customers is an opportunity to tap deposits deposited with banks for post office savings schemes. Interoperability The post office will provide customers with access to banking infrastructure (eg bank ATMs).
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