SBI-India Post Alliance project launched in Punjab

Rupnagar, Jul 14 (UNI) State Bank of India and India Post have launched a joint project, 'SBI-India Post Alliance', in Punjab to provide banking facilties in the rural areas of the state.

SBI Chandigarh circle Chief General Manager Ajay Swaroop and Chief Post Master General, Chandigarh, P R Kumar jointly launched the project during a function held here today.

Speaking on the occasion, Mr Swaroop said that the SBI-India Post alliance, which was launched in the country one year back for achieving the objective of financial intrusion and to reach out to rural population to provide credit facility, had been already working in Nagpur, Jaipur, Tirupati, Hubli, Bangalore, Ranchi, Madurai and Tiruchrapally and now it had been launched in Punjab.

To start with India Post would act as business facilitator for the bank and post offices would mobilise assets and liabilities business for the bank. Subsequently, the post offices of India Post would act as business correspondents for SBI and transactions in the accounts of bank customers opened by post offices would be carried out through Point of Sales (POS) machines installed at the link post offices.

For all these services India Post would be given commission by the SBI at mutually agreed rates, he added.

He said that initially the SBI-India Post Alliance had been launched at four post offices of Kharar, Takhtgarh, Nurpur Bedi and Nangal as a pilot project for Punjab and in the coming weeks the alliance would be extended to other post offices also throughout the state.

Chief Post Master General PR Kumar expressed hope that the alliance would bring a new revolution in creation of financial and credit delivery system in rural India.

UNI XC PS JS1913