Budget 2022: Online transfer of funds between post office and banks, says FM
PremiumBudget 2022 focuses on financial inclusion, says Nirmala Sitharaman
Finance minister Nirmala Sitharaman announced that post office accounts will be brought under the coverage of core banking. It will be possible to transfer money from post office accounts to other bank accounts. This will promote financial inclusion and will be a big boost for farmers. Budget 2022 focuses on financial inclusion, says Nirmala Sitharaman while presenting Budget 2022. The Finance Minister said that this year all Post Offices will be brought on the core banking system customers. With this, Post Office account holders will be able to make online transactions and even transfer money to other bank accounts through net banking.
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"All 1.5 lakh post offices in India will be brought under the core banking system. This will enable financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts. This will be helpful especially for farmers and senior citizens in rural areas, enabling interoperability, and financial inclusion," says Sitharaman.
“Enablement of net banking and fund transfer for Indian Post will enable better financial inclusion," says ICICI Direct.
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