Opening a bank account in the Post Office has become an easier procedure for the people as the account can be maintained with a meager amount of Rs 50 from now onwards.
The role of Post Offices around the world is undergoing changes as traditional postal activities are supplanted by electronic mail and use of new technologies.
Officials said that the post office is adopting a new business to optimize its strength as an outlet of public utilities. “Energizing financial services has been part of the new business strategies in most counties. In this context India Post took several initiatives to broad base the range of financial series provided by it,” officials said.
In addition to delivering mails and money orders, India Post has been running a number of small savings schemes since 1882, including saving and recurring accounts as well as time deposits. Opening a bank account in the Post Office takes a mere Rs 20 and the minimum balance to be maintained is Rs 50.
To continue energizing its thirst to serve the masses, India Post recently made its debut and successfully turned to Core Banking Service (CB Platform).
To move further its most recent development is a series of India Post ATM’s, that are being opened around eh country. Post offices have started providing interoperable services to its customers after switching over to Core Banking Solution (CBS) and at present there are 14 sites in Jammu and Kashmir where ATM machines have been installed.
Customers of any private or public sector bank can withdraw cash from ATM machine set up by postal department while those having debit cards issued by post office could do so through any of the bank ATM’s.
The vision of India Post is approaching nearer which reads as “India Post will be a socially committed, technology driven, professionally managed and forward looking organization.”