|National Savings Department| |Thursday, 07 March 2013 10:00|
The Post Office Savings Bank is the biggest bank in the country
with a network of about 160000 branches, most of which are
situated in the rural area with a history dating back to 1880s.
It is a major instrument available to the Government to mobilise
savings. In the beginning the object of the Post Office Savings
Bank was to encourage the habit of thrift among the common man
but this concept has undergone a radical change during the last
three decades. From the restrictive objective of providing a
facility to the public to deposit their small savings, the post
office savings bank has become a medium to mobilizing large
resources running into hundreds of crores every year for plan
projects. As a result of the change in the role, the
expectations of the performance of the POSB have gone up very
much both in the minds of those concerned with small savings and
the general public. It has also been established that
approximately 30% of the total collect