department is a permanent invitee to the Board. The Chairman of Postal Services Board is also
      the Secretary of the Department of Posts. Director General and Additional Director General of
      the Department also participate in the Board’s meetings.
      Financial Services
            Department of Posts is operating Small Savings Schemes on behalf of Ministry of Finance,
      which frames and modifies rules relating to these schemes and pays remuneration to the
      Department of Posts. Post Office Savings Bank (POSB) has a customer base of more than 35.62
      cr. account holders as on March 31, 2017. Savings bank facility is provided through a network of
      1.54 lakh post offices across the country. The post office savings bank operates savings accounts,
      recurring deposit (RD), time deposit (TD), monthly income scheme (MIS), public provident fund
      (PPF), national savings certificate (NSC), kisan vikas patra (KVP), senior citizens savings
      scheme (SCSS) and sukanya samriddhi account. The outstanding balance under all national
      savings schemes and saving certificates in post office is over ₹ 8,03,243 cr. as on March 31,
      2018. (Provisional)
      Core Banking
            The Core Banking Solution is a part of India Post IT modernization project and aims to
      bring in various IT solutions with required IT infrastructure in post offices. The project aims to
      implement core banking in all Departmental Post Offices for small savings schemes during
      current plan period. The project will bring in facilities of “any time anywhere banking”, ATM
      and internet banking facilities. As on August 10, 2018, 23,557 post offices have converted to
      CBS. 995 ATMs have been installed in 982 locations across the country.
      Mutual Funds
            The post office is playing an important role in extending the reach of the capital market of
      the country and providing the common man easy access to market based investment options.
      Presently, Mutual Fund products of UTI only are being retailed through over 2000 post offices.
      International Money Transfer Service
            International money transfer service is a quick and easy way of transferring personal
      remittances from abroad to beneficiaries in India. As a result of the collaboration of Department
      of Posts, Government of India with Western Union Financial Services a state-of-the-art
      international money transfer service is available through the post offices in the country, which
      enables instantaneous remittance of money from around 195 countries to India. Presently the
      service is available from 9953 locations across the country.
      National Pension Scheme
      National pension scheme, earlier known as New Pension System (NPS), for common citizens
      was introduced by government in 2009. India Post is a point of presence for the national pension
      system. Subscribers (any Indian citizen) in the age group of 18 to 55 can join NPS and contribute
      till the age of 60. These pension contributions are invested in various schemes of different
      pension fund managers appointed by Pension Fund Regulatory and Development Authority
      (PFRDA).
      Social Security Scheme