Wednesday, 6 July 2011

Core banking facility in Post offices

After the decision to implement of ATMs and Debit Cards, the Post offices in India is introducing core banking facility to its customers. The postal departments plan to introduce the core banking solutions by 2012. The Customers can make online transactions and e-payments after introducing the core banking facility in post offices.

At present almost 1000 ATMs are in its finishing stage and plan to issue debit cards to its customers the core banking facility is an added advantage. The post offices in India are growing to fully developed banks to provide all banking facilities.

The PTI reported that a top official from the Department of Post said, “We have set target of bringing in core banking solution by 2012. It will ensure smooth online transactions. We are giving some e-payment services, but they are fragmented”

He added that the work for setting up 1,000 India Post ATMs was in advanced stage and Postal Department had already held parleys with vendors on this front. "We will also issue debit cards to our existing savings account-holders," the source added.

"Yes, this is very much possible. We are offering three-fourth of a bank's services and have the widest reach. The infrastructure is almost ready. In fact, we have given this proposal to the Ministry of Finance and are waiting for its comments," he added.

The abovementioned facilities including ATM Centre, Debit card and core banking facilities are more useful for rural areas where there are no advanced banking facilities.  We investmentsandmoney.com congratulate the postal department for this useful advanced step they have taken for the convenience of its customers and for general public.

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