CURRENT AFFAIRS

Detailed explanation-1: -In 1854, the India Post Office Act was passed after Lord Dalhousie introduced uniform postage rates. Thus the privilege of free postal services enjoyed by the Indian sepoys was withdrawn.

Detailed explanation-2: -Highlights. All 1.5 lakh post offices in India will be connected to the core banking system that will enable people to access their accounts online and also transfer money within post office accounts and to other banks, Finance Minister Nirmala Sitharaman announced on Tuesday.

Detailed explanation-3: -As per the Budget speech of FM Nirmala Sitharaman, in the year 2022, 100 percent of 1.5 lakh post offices have been planned to come to the core banking system; this will empower financial inclusion and will provide the customers with access to their accounts through mobile banking, net banking, and ATMs.

Detailed explanation-4: -"In 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking ATMs and also provide online transfer of funds between post office accounts and bank accounts, ” Sitharaman said in her Budget speech.