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Linking of Post Offices thru CBS Network Begins

Published: 30th May 2014 11:04 AM  |   Last Updated: 30th May 2014 11:04 AM   |  A+A-

THIRUVANANTHAPURAM: In a major step towards enhancing customer convenience, posts offices in the state began entering into Core Banking Solutions (CBS) from Thursday.

‘’The process of roll out to CBS begins with the migration of Neyyattinkara HO on Thursday and Kottarakkara HO by early June. The system will be implemented in all post offices in the state in a phased manner,’’ said the Chief Post Master General (Kerala).

In a statement here on Thursday, the Chief Post Master General said Finacle is networking all post offices which enable customers to operate their accounts and avail of account- related services from any post offices on CBS network. It’s a step towards ‘anywhere and anytime banking.’

As part of financial system integration, Core Banking Solutions are implemented for Post Office Savings Bank Operations.

As of now, 388 post offices in the country have been shifted to CBS. About 2.71 crore accounts have been migrated with an investment worth Rs 47,332.68 crore. Postal ATMs have been set up in major metros including Bangalore, Chennai and Delhi. A total of 1000 ATMS will be provided across the country in the first phase. Of this, 56 post offices in the state will have ATMs.

The first ATMs to be set up in the state will be at Neyyattinkara, Kottarakkara and Kozhikode for the installation of which the Centre has already allotted funds. In the state, the 51 head post offices will be migrated to CBS platform in phase 1 A, the 112 sub post offices in phase 2 A and the remaining 1345 sub post offices, including those in Lakshadweep islands, in phase 2 B, thereby covering the entire 1508 departmental offices.

With the introduction of CBS, customers with post office savings accounts can have all modern banking facilities like deposit and withdrawal from anytime, anywhere. In a later stage, the CBS would be integrated with other banks so that all banks and post offices would be under a single link, the Chief Post Master General said.



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