Post Offices to Postal Banks .. !!
1.5 Lakhs post offices to Postal banks.
Telecom minister Kapil Sibal has an ambitious plan to convert post offices in India into banks and offer its services at low rates especially to the rural areas. This comes in the wake of the post offices fast becoming extinct even in cities with modern forms of communications overtaking the letters and telegrams as well money orders.
Old timers say that they have no clue as to who the postman is whereas earlier each household knows the postman a popular figure. He used to turn up on festival days to get his tips. The situation took a turn with mobile phones fanning out and internet connectivity reaching out and the advent of emails putting hand written letters out of fashion.
Postal telegrams have shifted to email delivery to regions with connectivity and post offices in turn deliver it instantly. Postal savings offer the most competitive rates and more tax savings but it is not aggressively marketed since the agents are given low percentage.
SBI vs Postal Banks
Sibal says that even SBI would not able to match the Postal network and now that it has the buildings ready then only the other facilities has to be in place. With not much money spent on infrastructure the bank can offer services at rates much cheaper than nationalized banks.
source: truthdive.com
Post Bank and Postal ATM from India Post to be introduced soon
Under Prepaid card scheme which is to be launched in collaboration with banks,. all expenses are to be borne by banks. Cards will be issued to customers who have Savings account only and later expanded to other customers. With help of card one can withdraw money in POs/ Any ATM/make purchase in any merchant outlets. A minimum charge will be levied for each operation. Minim um load is Rs 1000 maximum reload to card is Rs50000. Maximum withdrawal is 10000 per day and only four times can a card be used in a single given day.
News from fnpo.org website...
Further Reading
1. Core banking in Post Offices.
2 ATMs to be introduced in Post Offices.
3. Modernisation of India Post
ATMs will be installed in Head post offices in connection with the Core banking system which is going to be introduced in post offices in near future.
These ATMs will be the face of the IT transformation of Department of Posts. DoP is planning to install ATMs in all Head Post Offices and 200 major sub offices/ MDGs in the country.
These ATMs are proposed to be seamlessly integrated with the existing banking ATM network and therefore can be used by Bank customers also.
Significant objectives of DoP from the ATMs:
1. Improving Service Quality:
2. Reducing costs
3. Enhancing Brand Value
4. Improving revenues.
