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Tuesday, April 10, 2018
Post office savings account customers can soon avail full digital banking service
New Delhi, Apr 8 (PTI) Around 34-crore post office savings account
holders will be able to avail a full-fledged digital banking service
from May as the government has approved linking such accounts with that
of India Post Payments Bank (IPPB).
"The finance ministry has approved linking of savings bank accounts at
post offices with IPPB accounts. This will enable post office account
holders to transfer money from their account to any bank accounts...,"
an official source told PTI.
The 34 crore savings accounts comprise 17 crore post office savings bank
accounts and rest are those subscribed monthly income scheme, recurring
The move also paves the way for creating of countrys largest banking
network as India Post has plans to link all 1.55 lakh post office
branches with the IPPB.
India Post has has started core banking service but it offers money
transfer service within post office savings bank (POSB) accounts.
"IPPB is governed by Reserve Bank of India and banking service of post
offices comes under the finance ministry. IPPB customers can use NEFT,
RTGS and other money transfer services as available for any banking
customers. Once POSB accounts are linked with IPPB, customers will be
able to enjoy all money transfer service like other banks," the source
He said that by May, India Post will give option to POSB account customers to avail this facility.
"The service will be optional. If post office account holders opt for
it, their account will be linked to their IPPB account," the source
As per an official statement issued earlier, India Post plans to start
functioning of all 650 IPPB branches from this month. All 650 branches
will be connected to smaller post offices in the districts.
"IPPB branches and all the access points will be linked to postal
network which has 1.55 lakh post offices in total. Out of this, 1.3 lakh
branches are in rural area," the source said.
With 1.55 lakh branches, India Post will be able to create countrys largest banking network.
"In the second phase, starting September, account holders in post office
will have an option to pay for post office products from their IPPB
accounts including deposit money for Sukanya Samridhi Yojana, recurring
deposits, speed post, etc," he said.
Also, the IPPB will start registering merchants who will accept payment
from its customer with help of application. The IPPB customers will be
able to make payments to various merchants like grocery store, tickets
etc with help of their app, the source said. PTI PRS MKJ
This is unedited, unformatted feed from the Press Trust of India wire.