Banks need to take advantage of such rapidly changing positive growth opportunities

“Launch of Indian Postal Bank is going to be a game changer for banking sector and the operationalisation of its 1.5 lakh branches would give a massive fillip to the Banking & Financial system in the country. Banks need to take advantage of such rapidly changing positive growth opportunities in the country and contribute further to development of nation” said Ms. Anjuli Chib Duggal ,Secretary, Department of Financial Services Government of India .. at the 69th AGM of Indian Bank Association ( IBA) in Mumbai.,

Speaking on the occasion she said that with so many additional Postal Bank branches on the ground and expansion of the network ‘Bank Mitras’e a significant boost would be given not only to the financial inclusion of the programmes of Government but also to the development of last mile Banking operations in the country. She said that other established Banking Institutions should take advantage of the same.

Ms Duggal said that Banks need to fore see technological changes and strengthen inter-institutional arrangement to take advantage of the growth and expansion opportunities being offered by the development of all the sectors. She exhorted the Banks to stream line the system of the recruitment of ‘Bank Mitras’ and consider giving more functional autonomy to the Bank Branches in such matters.

Ms. Duggal appreciated the work done by the IBA in supporting the growth at social securities of government of India.

Financial inclusion expansion via Postal Bank branches could transform last mile banking and spur institutional partnerships and operational autonomy. Launch of the Indian Postal Bank expands banking infrastructure via the postal branch network to advance financial inclusion and last mile service delivery through locally appointed Bank Mitras, while prompting banks to address channel integration, technology interoperability, recruitment and oversight of Bank Mitras, and to consider greater functional autonomy at branch level to optimise rollout and support social security programme delivery.