The 164 years Old India Post, which is Govt. of India’s legitimate postal framework, and hailed as one of the biggest distributed postal frameworks on the planet, will soon change into India’s biggest banking network.
Some very interesting developments are taken into consideration which will transform India Post to not only focus on digital banking operations on a large scale but also become the largest Indian bank in terms of branches and penetration.
Government is working from a long time to bring India Post Payments Bank and Merge With Postal Network
According to drafted plan made by Ministry of Finance, India Post Payments Bank will now converge with the enormous system of 1.5 lakh post workplaces, crosswise over India.
This will influence India To make them biggest largest banking network. SBI, which is as of now India’s biggest bank has around 29,000 branches, and 59,000 ATMs.
A year ago, we had announced about India Post turning into India’s biggest bank, with the presentation of their Payments Bank. In any case, formality and organization were counteracting them.
This is the way: India Post Payments Bank (IPPB), which is relied upon to be propelled for the current year with undeniable administrations, goes under RBI, and India Post and their current sparing record administrations goes under Finance Ministry.
Presently, Govt. has endorsed the connecting of these two, which will converge to wind up India’s biggest managing an account arrange. Each one of the 1.5 lakh post offices crosswise over India will now function as a bank office for India Post. 1.3 lakh of these branches are in rural areas.
This is a pivotal turning point for the provincial consideration of monetary administrations in India. A milestone minute.
India Post will give access to 34 Crore Saving A/C Users To Get Digital Banking Services.
In the interim, as India Post Payments Bank and India Post Offices will converge, around 34 crores existing India Post sparing record clients will have the capacity to get full-fledged digital banking services.
This incorporates NEFT, RTGS, Internet managing an account, moment cash exchange and then some, which some other keeping money clients regularly does. In addition, the ATM card issues can be utilized for purchasing products online, paying to grocery etc.
Out of 34 crore India Post sparing record clients, 17 crore are those who use saving accounts, and the rest are using monthly income schemes.
Starting at now, India Post begins to open 650 Payments Bank branches across the country, yet soon, each of the 1.5 lakh post offices would turn into a bank office, accordingly weakening the distinction between a post office and a bank branch.