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Postal dept surpasses SBI in digital connectivity: Ravi Shankar Prasad

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The core banking solution (CBS) or digital connectivity of the postal department has surpassed the SBI’s digital connectivity.

Communication and IT minister Ravi Shankar Prasad on Monday said the postal department has surpassed the country’s largest lender State Bank of India in terms of digital connectivity even before its payments bank launch.

“The core banking solution (CBS) or digital connectivity of the postal department has surpassed the SBI’s digital connectivity,” Prasad said at a session on the third day of the ongoing Make in India week here.

India has the largest postal network in the world with over 154,882 post offices, of which 1,39,182 — nearly 90 per cent — are in the rural areas. The department is all set to launch a payments bank by March 2017. Prasad said with the demand of electronic hardware expected to rise rapidly to $400 billion by 2020, India has the potential to become an electronic manufacturing hub.

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