Financial inclusion project: Post offices to carry out banking services
Updated: Mar 05, 2015 02:50:18pm
Kochi, March 5 (KNN) Union Finance Minister Arun Jaitley, in his budget speech, had expressed the aspiration of having the postal network included in the new payment bank system envisaged by the RBI.
With post offices being equipped to carry out banking services under the financial inclusion project of the Union government, the Kerala circle of India Post is gearing up to execute the task envisaged by the Union Finance Ministry.
To bring the post office network under core banking solutions programme is afoot in the State with the plan to be completed by the end of the year, almost 47 post offices across the State have been prepared to operate under the core banking solutions system.
The payment banks will be able to handle payments and remittance, but are not permitted to issue credit cards or resort to lending activities.
Along with 56 ATMs, the work for which is in progress, the range of services offered by India Post at select centres includes postal life insurance, money remittance, mutual funds, and foreign exchange handling. (KNN/SS)
With post offices being equipped to carry out banking services under the financial inclusion project of the Union government, the Kerala circle of India Post is gearing up to execute the task envisaged by the Union Finance Ministry.
To bring the post office network under core banking solutions programme is afoot in the State with the plan to be completed by the end of the year, almost 47 post offices across the State have been prepared to operate under the core banking solutions system.
The payment banks will be able to handle payments and remittance, but are not permitted to issue credit cards or resort to lending activities.
Along with 56 ATMs, the work for which is in progress, the range of services offered by India Post at select centres includes postal life insurance, money remittance, mutual funds, and foreign exchange handling. (KNN/SS)
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