CORE BANKING IN POST OFFICES

Core banking in post offices



SHILLONG: Post offices in the country would have a core banking system soon, enabling customers to operate their accounts from anywhere

Currently data entry work is in progress. The system should be in place in two years time, Chief Post Master General (North East circle) AND Kachari said.

Once the system is in place, the post offices will be like any other nationalized banks. ATM facilities will also be provided to the customers, he said.

Besides its own ATM centres, the department would tie up with other banks for operating the ATM centres.

Kachari said efforts were on to facilitate submission of passport application forms in post offices.

This will enable the people in the North East to acquire passports from the post offices, instead of going to Guwahati, he said.

Besides, the Railway department has also agreed to allow post offices to book tickets in the post offices.

In another initiative, the postal department has tied-up with the State Bank of India to disburse loans in the rural areas. This will help customers to acquire loans in places where the SBI does have any branch, Kachari said.

Already, the General Post Offices have started disbursing loans of NABARD to Self Help Groups, the CPMG said elaborating on the plans in the region.

The postal department is operating 18.50 lakh saving bank accounts in the 3000 post officies in six states of the region.

The postal circle, which includes the states of Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura and Meghalaya, has resgistered 46411 insurance policies having a sum assured of over Rs 429 crore. source;the hindu