Budget 2022: Post offices will go for core banking system
Adoption of an online system will be helpful, especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion, Nirmala Sitharaman added.
Adoption of a core banking system in post officer would help the people to stand in a long queue to remit or withdrawal of money from their accounts. Post office account holders can operate their accounts from anywhere through the online or mobile banking system.
All 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their accounts online and also transfer money within post office accounts and to other banks, Union Finance Minister Nirmala Sitharaman announced in the Budget.
"In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system 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," Finance Minister added.
This will be helpful, especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion, she added.