How Govt will ensure 100% Core Banking System for Post Offices as discussed in Budget 2022

Yesterday, a post-budget webinar on “Leaving No Citizen Behind” was held. The impact of the budget plan to connect 100 percent of post offices into the core banking system and create an interoperable post office account on the lives of rural poor people, particularly women, was explored.

Shri Narendra Modi, Prime Minister of India, spoke at the webinar’s opening session. Shri Giriraj Singh, Minister of Rural Development and Panchayati Raj, convened the session on “Anytime, Anywhere Banking Services and Interoperable Services through India Post” as part of the “Assuring all rural poor, especially women, access to livelihood options and access to financial services.” Experts from NITI Aayog and other agencies, as well as a significant number of persons and stakeholders involved in post office projects from across the country, attended. A wide range of topics were discussed, including the implementation strategy for ensuring a 100 percent core banking system and the introduction of interoperable post office account services.

Under the auspices of the Ministry of Rural Development, the participants also discussed ways to investigate the possibility of using the postal network to offer financial and banking services. The post office, according to Shri Ajit Pai, Distinguished Expert from NITI Aayog, may play a key role in credit, financial literacy, and overall financial inclusion.

The department will create a detailed roadmap to enable timely implementation of the action items that emerged from the webinar discussion.