Post office savings account customers can soon avail full digital banking service
NEW DELHI: Around 34-crore post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB).
"The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts...," an official source said.
The 34 crore savings accounts comprise 17 crore post office savings bank accounts and rest are those subscribed monthly income scheme, recurring deposits etc.
The move also paves the way for creating of country's largest banking network as India Post has plans to link all 1.55 lakh post office branches with the IPPB.
India Post has has started core banking service but it offers money transfer service within post office savings bank (POSB) accounts.
"IPPB is governed by Reserve Bank of India and banking service of post offices comes under the finance ministry. IPPB customers can use NEFT, RTGS and other money transfer services as available for any banking customers. Once POSB accounts are linked with IPPB, customers will be able to enjoy all money transfer service like other banks," the source said.
He said that by May, India Post will give option to POSB account customers to avail this facility.
"The service will be optional. If post office account holders opt for it, their account will be linked to their IPPB account," the source said.
As per an official statement issued earlier, India Post plans to start functioning of all 650 IPPB branches from this month. All 650 branches will be connected to smaller post offices in the districts.
"IPPB branches and all the access points will be linked to postal network which has 1.55 lakh post offices in total. Out of this, 1.3 lakh branches are in rural area," the source said.
With 1.55 lakh branches, India Post will be able to create country's largest banking network.
"In the second phase, starting September, account holders in post office will have an option to pay for post office products from their IPPB accounts including deposit money for Sukanya Samridhi Yojana, recurring deposits, speed post, etc," he said. NEW DELHI: The Comptroller and Auditor General (CAG) has rapped the CBSE for delay in processing pleas for affiliation, saying the lapse allowed schools to function sans the board's nod, which compromised students' health, hygiene and safety.
A CAG audit found the Central Board of Secondary Education delayed processing of the application for affiliation by schools last year, giving them the opportunity to begin classes without clearance.
According to the norms, all applications which are received by the board on or before June 30 every year, may be processed together within six months.
"The audit analysis revealed that affiliation was granted to the schools by the Board in 140 out of 203 cases. However, only 19 out of the 140 cases (14 per cent) were granted affiliation within six months. In the remaining 121 cases, board took seven months to over three years to convey grant of affiliation to the schools," the CAG said in its report which was tabled in Parliament last week. In 58 of the 203 cases, where the schools had applied for affiliation for middle classes or upgrading to senior secondary classes, the affiliation was granted after commencement of the session, which is a violation of CBSE bye-laws, the report said. The CAG noticed the certificates procured by the schools from the municipal, and other authorities and submitted to the Board with their applications were not in proper format in 123 of the 203 cases.