CORE
BANKING IN POST OFFICES
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Presenter:
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Miss.G.Rajalakshmi,
M.Sc.,
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Guide:
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Mr.A.Basheer
Ahmed, Principal, DIET, Ranipet
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In India, Post
offices are introduced in 1858 by the British. Postal Department is under the control
of Government of India. It is introduced
in India with the motive of communications through Letters and Telegraphs. Later,
Post offices are modified, refined and facilitated much. There are many types
of Saving Accounts, Life insurances and Special Schemes.
Along
with Communications, the Postal department now entered in Core Banking. Every
year, Postal Department is introducing and implementing many useful schemes to
the people.
Introduction
of CBS (Core Banking Solution) in Post offices:
India Post is launching its vision, the ‘Core Banking System’ in selected
Post offices. With this Scheme, Post offices act as a Bank in availing Any Time
and Anywhere Money for the Post Office Account Holders.
It is of huge benefit for the public as every village has been covered
with a Post Office.
Objectives:
The main
objectives of this System are
·
To reduce the cost of operation
·
To improve customer services
·
To avail the customer Anytime and Anywhere money
Core Banking Solution:
CBS is networking of all branches,
which enable the customers to operate their accounts and avail Banking Services
from any Post Office on CBS network.
One of the main features of
CBS is System Generated mails or advices are sent to the customer in case of
maturity.
As of
now, a total of 1,436 post offices are now operating in this country, of which
479 are head post offices and 957 sub-post offices have migrated to the Core
Banking Solution (CBS) platform. A total of 7.63 crore accounts have been
migrated, of which the deposit totals to 1,21,310.48 crore.
Advantages:
·
Faster Processing
·
Increased Transparency of Actions.
·
Unique ID for each agent with details available in
system
·
SMS and e-mail alerts about Financial Transactions
·
24X7 Technical Support
Information to Public:
By this
system, People can operate the amount in their accounts from any of the CBS
Post Offices in India.
ATMs are
also being introduced for Post Office Savings Accounts.
Public
can utilize this opportunity and get more benefits.
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