India Post has officially introduced its internet banking facilities for customers. The internet banking provision was launched by Manoj Sinha, Communications Minister for POSB (Post Office Savings Bank) customers who come under the Core Banking blueprint. An e-commerce market has also been launched by India Post which offers a market to several public sector companies and rural artisans for retailing products.
This will help artisans and other entities sell on the site without any hassles. The India Post service will offer pick-up and delivery of products across more than 1.5 lakh areas courtesy its network, offering a comprehensive market to artisans and other sellers including self-help groups, central and state public sector units, women entrepreneurs and other autonomous organizations.
The products will be delivered through the Speed Post service. The new market place will also have provisions for return of products by customers. The registration of sellers on this portal is absolutely free for 6 months. 17 crore post office savings bank accounts are now covered under internet banking facilities.
Customers will be enabled with regard to transferring their funds online to the PPF (Public Provident Fund) and RDs (Recurring Deposits) accounts in post offices. The introduction of internet banking is being hailed by many as a landmark move of sorts for India Post in its bid to take banking solutions to the masses.