HYDERABAD
The Department of Posts as part of the National Postal Week, this year, has celebrated Vittiya Shashakthikaran Diwas (Financial Empowerment Day) savings Bank, India Post Payment Bank and Postal Life Insurance for the financial empowerment of the common man. World Post Day was observed on October 9.
Disclosing these details at a press conference here on Monday, Chief Post Master General, Telangana Circle, K. Prakash said that they have celebrated the World Post Day on October 9 and they are celebrating the entire week assigning each day to one of the products.
Explaining about the products, Mr. Prakash said that the Post Office Savings Bank of India and Postal Life Insurance came into existence in 1882 and 1884 respectively. The primary objective of the small savings programme is to promote the habit of thrift and savings among citizens of the country.
India is having the most widely distributed post office system in the world with 1,55,333 post offices. The wide distribution network of India Post is one important factor that favours India Post as a channel for financial inclusion in India.
“All the post offices in country are brought under ‘Core Banking Solution (CBS).’ In Telangana Postal Circle, all 6,208 post offices (36 HOs, 789 SOs & 5383 BOs) work under CBS allowing easier transfer of funds and interoperability with the theme of ‘Anytime-Anywhere banking’ enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts,” said Mr. Prakash.
In respect of revenue products, Telangana Postal Circle has shown a remarkable growth when compared to last financial year up to August 2022 in with post office savings account increasing by 133%, Sukanya Samriddhi accounts 106% and IPPB current savings accounts by 110%.
Vidya Sagar Reddy, Post Master General, Hyderabad Region, and T.N. Srilatha, Postmaster General, Hyderabad City, were also present in the press conference.
