. Implementation of Core Banking Solutions in the Department of Posts
Overview:
• The Post Office Savings Bank (POSB) was started in 1882 to facilitate small savings in the country. It operates as an agency of the Ministry of Finance and caters to the basic savings needs of the citizens.
• All the 1.55 Lakh Post Offices in the country provide the basic banking products of the POSB. Of these 25,353 are departmental Post Offices which are manned by the regular government employees.
• At the end of March 2017, there were35.62 Cr live accounts with a balance of Rs. 5,32,338 Crore and Savings certificates with an outstanding balance of Rs. 1,98,935 Crore
• The Post Offices were operating on a standalone software which operated in a closed environment.
• Many value added services like ATMs, inter branch banking, Internet and mobile banking, DBT etc were not available to the POSB customers
Challenges faced:
• Though an impressive customer base, the banking services were not upto industry standards.
• As the complexity of services grew, it became difficult to monitor it on the old system.
• Government schemes of DBT, financial inclusion and social security could not be serviced on the old software.
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