Post Offices leave SBI behind in core banking: RS Prasad

New Delhi | Tuesday, Mar 22 2016 IST

Union Minister for Communication, Information and Technology Ravi Shankar Prasad today said that the core banking business of India Post Offices has become bigger than the leading public sector lender State Bank of India (SBI)."Today Post Office's core banking has become bigger than SBI. 

In June 2014 it was only 230 and now it is more than 20,000. 

The parcel revenue which was -2 per cent in 2013-14 has increased by more than 100 per cent in 2015-16, Ravi Shankar Prasad, Minister for Communication and IT said at Digital India Summit.

Mr Prasad added that the number of ATMs in post offices has increased from four when he took over as the minister to 850 today and by April the number will rise to 1000. "By March next year we will bring in the payment bank of the postal department," Mr Prasad said.

The minister also said that the government is focused on to create employment in rural and small town areas."We are taking BPOs to small towns of India to provide employment to youth of small towns so that they don't have to migrate to cities for job", Mr Prasad said. On IT exports, Mr Prasad said it has crossed the business of one billion dollars. Today India's IT export has crossed one billion dollars," he added. 

Source : http://news.webindia123.com/news/Articles/India/20160322/2821939.html