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Post offices to have core banking system
By siliconindia
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Monday, 21 September 2009, 23:21 IST
Bangalore: In order to keep pace with commercial banks, post offices would adopt core banking system by the end of current fiscal. "All branches of post office banks will be connected through national computer server for which data scanning and signatures entry was nearing completion," said PR Kumar, Chief Postmaster General, Punjab and Union Territory (Chandigarh).
In core banking system, software applications record transaction and maintain customers' accounts throughout the bank's network. Currently, the Postal Department covers about 150 lakh branches with deposits of 
5.60 lakh crore, Kumar said claiming that no other government organization could match such a huge customer network. The same software can be installed in several branches and can be interconnected through the internet or telephone lines to form a core banking network.
Apart from banking sector, the Postal Department would also emphasize on insurance sector, especially in rural areas. Kumar said that within one year it has aimed that over two lakh policies would be issued in Punjab only, to reach the number of two crore policies at national level by March 2010.
5.60 lakh crore, Kumar said claiming that no other government organization could match such a huge customer network. The same software can be installed in several branches and can be interconnected through the internet or telephone lines to form a core banking network.
Apart from banking sector, the Postal Department would also emphasize on insurance sector, especially in rural areas. Kumar said that within one year it has aimed that over two lakh policies would be issued in Punjab only, to reach the number of two crore policies at national level by March 2010.