150,000 post offices in India to be connected to core banking system: FM

All 150,000 post offices will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks

All 150,000 post offices in India will be connected to the core banking system that will enable people to access their account online and also transfer money within post office accounts and to other banks, Finance Minister Nirmala Sitharaman announced on Tuesday.

"In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking ATMs and also provide online transfer of funds between post office accounts and bank accounts," Sitharaman said.

He added that this will be helpful especially for farmers and senior citizens in the rural areas enabling interoperability and financial inclusion.

Currently, post offices provide savings account services and payments bank services through the India Post Payments Bank.