Millennium Post

Post Office Savings Bank likely to be interconnected with other banks by April

New Delhi: India Post expects to make the Post Office Savings Bank interoperable with other bank accounts by April and will focus on enhancing digitisation of all services in 2021, a senior official of the department said.

The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi said.

"We will enhance our focus on digitising services and delivery of service at doorstep in the coming year. Our banking and financial services have been digitised already. We expect to make Post Office Savings Bank also directly interoperable with accounts of other banks by April," Bisoi said. The Post Office Core Banking Solution (CBS) system is the largest in the world with 23,483 post offices already on this network.

India Post serves more than 50 crore Post Office Savings Bank (POSB) customers through 1.56 lakh post offices across the country. It has an outstanding balance of Rs 10.81 crore under POSB schemes.

All POSB accounts can be linked to the India Post Payments Bank (IPPB) accounts and can be operated through mobile app DakPay.

"Besides making services digitally accessible to people, we are focussing on doorstep delivery of services. This year we remitted Rs 900 crore money through around 85 lakh transactions and verified 3 lakh pensioners on their doorstep,"

Bisoi said.

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