Union Finance Minister Nirmala Sitharaman in her budget announcement said that all post offices will be linked with Core Banking Solution, enabling further financial inclusion.
In her statement she said that 100 percent of 1.5 lakh post offices will come under core banking system and it will be possible to transfer money from post office accounts to other bank accounts.
Further, this will enable financial inclusion and access to accounts through net banking, mobile banking, ATMs and provide online transfer of funds between post office accounts and bank accounts,” she said.
She added that this exercise will help farmers and senior citizens in rural areas enabling interoperability and financial inclusion
As of now post offices provide savings account services and payments bank services through the India Post Payments Bank.
