A subsequent initiation to the Government of India’s financial inclusion drive – to offer banking facilities to all – citizens of the country can open a savings account in a post office as well. A Post Office savings account comes with all the perks of a regular savings account – barring the internet banking facility. However, that is about to change following the Government’s push to launch the India Post Payments Bank. Just like Airtel Payments Bank, Reliance Payments Bank, Paytm and so on, now post office account holders can open a payments bank account at any post office across the country. Already facing a delay, the India Post Payments Bank was supposed to have been launched in September 2017, but due to their failure to get a system integrator, the India Post Payments Bank and is now all set to be launched following approval from the Reserve Bank of India.
India Post has already been running its Payments Bank pilot project in Ranchi and Raipur – using the platform they have borrowed from Punjab National Bank – but now with their new software developed, the RBI will run tests of the software before giving the initiative a green signal. According to an India Post official, HP has built the software platform that will be used for their Payments Bank service. Communications Minister Manoj Sinha said that following the software approval from the Reserve Bank of India, the Payments Bank service will be available in 154,000 post office across the country, with the biggest take away being that 139,000 of those post offices are situated in rural areas. Financial experts believe that once the India Post Office Payments bank becomes a reality, in time it will be the largest banking network in the country.
With the India Post Payments Banks, post offices customers will have access to internet banking facilities, can deposit money up to Rs.1 lakh in their account, make fund transfers, pay bills and so on.