Union Budget 2022 | All post offices to come under core banking system

An India Post ATM. File

An India Post ATM. File

To ensure Anytime – Anywhere Post Office Savings, the government on Tuesday said that in 2022, 100% of 1.5 lakh post offices would come under the core banking system enabling financial inclusion and access to accounts throughnet banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts.

“This will be helpful, especially for farmers and senior citizens in rural areas, enabling inter-operability and financial inclusion,” Finance Minister Nirmala Sitharaman said in her Budget speech.

Also to promote digital banking in the country, banks have been asked to set up 75 Digital Banking Units in 75 districts.

“In recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. The government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner,” Ms. Sitharaman said.

“Taking forward this agenda, and to mark 75 years of our Independence, it is proposed to set up 75 Digital Banking Units [DBUs] in 75 districts by scheduled commercial banks,” she added.

She said financial support for the digital payment ecosystem announced in the previous Budget would continue in 2022-23.

“This will encourage further adoption of digital payments. There will also be a focus to promote use of payment platforms that are economical and user-friendly,” she added.

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Printable version | Aug 6, 2022 3:03:06 pm |