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India Post Launches Internet Banking Facility For Savings Account Users

Communications Minister Manoj Sinha also launched e-commerce portal of the Department of Posts.

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India Post Launches Internet Banking Facility For Savings Account Users

Around 17 crore post office savings accounts will be intra-operable, the statement said.


New Delhi: Communications Minister Manoj Sinha on Friday launched the internet banking facility for Post Office Savings Bank (POSB) customers who are under Core Banking Solution. The Minister also launched e-commerce portal of the Department of Posts providing an online market place to rural artisans and public sector units to sell their products. "The primary objective is to provide a medium to sell products for small artisans. However, anyone who wants to sell their product can sell on the site. We have not set any limitation," Sinha said, adding that unlike other e-commerce players, the India Post service will be able to pick up and deliver products in over 1.5 lakh places through its well spread out network.

"The Portal will provide an e-market place to sellers especially to rural artisans, self-help groups, women entrepreneurs, state and central PSUs, autonomous bodies to sell their products to buyers across the country," a Communications Ministry statement said.

The products will be shipped through the postal department's Speed Post service, it said.

Sinha, speaking to reporters after the launch, said a separate parcel directorate has been formed which is empowered to decide on the rates of parcel and other related issues.

Secretary of Department of Posts Ananta Narayan Nanda said the newly launched online market place would also have the policy to return products by a customer.

Further, the department has made registration of sellers on the portal free for six months, Nanda said. 

"Now, around 17 crore POSB accounts will be intra-operable and customers can also transfer funds online to RD (Recurring Deposit) and PPF (Public Provident Fund) accounts of post offices," said the statement.

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