Post offices would no more limit its banking system to old and traditional technology and would adopt Core Banking System, on the pattern of other commercial banks by the end of current financial year.
"All branches of post office banks will be connected through national computer server for which data scanning and signatures entry was nearing completion," P R Kumar, Chief Postmaster General, Punjab and Union Territory (Chandigarh), told reporters here today.
In a core banking system, software applications record transaction, maintain customers' accounts. The same software can be installed in various branches of a bank and can be interconnected through the internet or telephone lines to form a core banking network of the bank.
At present, there were 150 lakh branches with deposits of Rs 5.60 lakh crore, Kumar said claiming that no other government organisation could match such a huge customer network.
Apart from banking sector, the Postal Department would emphasise on insurance sector, especially in rural areas, he added saying within one year it has been targeted 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.
