Government brings 96% core offices under core banking system under

Around 96 per cent of post offices across the country have been brought under the core banking system (CBS), in order to implement the “Anytime-Anywhere Post Office Savings” service.

There are a total of 1,58,526 post offices in India, out of which 1, 52,514 post offices or 96 per cent of them have already been brought under the CBS.

Government has said that it is in the process of setting up the Anytime-Anywhere Post Office Savings scheme, which will enableo nline transfer of funds between postal and bank accounts.

Finance Minister Nirmala Sitharaman had said in her speech while presenting the budget for 2022-23 on February 1, 2022 that “100 per cent of 1.5 lakh post offices will come on the CBS enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts”.

This will not only help the existing post office savings account holders but will also encourage new individuals to open up a savings account with ease, sources said.