Core banking system launched at Head Post Office

Tribune News Service

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Ludhiana, January 6

After a long wait, core banking system (CBS) has finally been started at the Head Post Office. Earlier, it was scheduled to start on June 23. It took a long time to get a nod from the circle office of the Postal Department in Chandigarh.

It was inaugurated by GC Goel, Senior Superintendent, Railway Mail Service, along with Senior Superintendent, Post Offices (City Division), and Senior Postmaster, Head Post Office, SP Pahwa.

The inauguration of the system had been delayed due to discrepancies in the data of account holders at the post office.

The CBS has already been functioning at places, including Jalandhar, Chandigarh and Khanna. However, the local post office is still awaiting directions from the circle office.

Pahwa said the bank would function and provide facilities like any other bank.

The CBS at all the branches will be connected to the central server in Mysore, the IT firm and the department. A new account number will be given to customers who already have saving schemes in the banks. “With this, any person can deposit and withdraw amount and use services on their own,” Pahwa said.

Meanwhile, residents who had been awaiting the introduction of the system have heaved a sigh of relief. “It has been more than a year and a half that I had been hearing about the inauguration of the banking system, but thankfully it has been started,” he said.

The advantage of CBS at post offices is their wide reach as compared to banks.

The system will eventually be implemented in post offices in villages as well, where no banks exist, thus providing banking services in many villages, an official at the post office said.