Bank restrictions prove a boon to Postal Department
- Postal customers will have the facility of withdrawing the money by a phone call and the amount will be handed over to them at their door step by the postman, says G Sreenivasa Murthy, Superintendent of Tirupati Division.
- All post offices will be linked to Rural Integrated Communication Technology (RICT) soon
The Revenue on SB accounts alone was to the tune of Rs.28.53 crore. The government’s decision to link the NREGS accounts to the post offices also helped the department, through which the division has accrued considerable revenue of Rs.3.01 crore from and another Rs.1.79 crore from social security pensions giving ample evidence that the post office accounts were well within the reach and receiving the faith of the common people.
Not only SB accounts but significant increase was recorded in other deposit accounts also. About 1.11 lakh recurring deposit accounts were added during 2016-17 taking the total tally to 8.02 lakh accounts. The experiences at banks immediately after demonetisation and the announcements by the RBI during that period created lot of confusion among the customers of various banks. The restrictions banks have implemented for depositing and withdrawing the currency raised the ire of the customers.