Cash registers ring louder at post offices

VISAKHAPATNAM: Ever since the announcement of demonetisation of high-value currency notes by the BJP-led NDA government, post offices have regained prominence as they are being frequented by people in large numbers.

There has been an apparent increase in the depositors count in the Head Post Offices — Velampeta and Waltair Railway Station — and 64 sub-post offices across Visakhapatnam Division for the past three weeks as it registered a total of 2,599 small savings accounts, including 935 new savings accounts. 

The biggest plus point turns out to be a hassle-free process followed to open a non-cheque facility account in the post office by depositing an amount as little as Rs.50. “The main reason behind the jump in the number of account holders is that a majority of hamlets across the division do not have access to banks. Their only source to open an account is to approach a post office which is accessible even in unbanked regions,” says T.M. Sreelatha, Postmaster General of Visakhapatnam Region, indicating that extra counters have been set up in various branches to streamline the work flow and handle the increased rush of depositors after demonetisation.

According to Senior Superintendent of Post Offices K.V.L.N. Murthy, the total deposits in the last three weeks amounted to Rs.30 crore in Visakhapatnam Division. 

This apart, post offices located in Paderu, G.K. Veedhi, G. Madugula and Chintapalli mandals too have seen a spurt in new savings accounts in the recent past. While the volume of deposits has touched Rs.10 lakh in all these tribal areas, new savings accounts have crossed 350 for the past three weeks. “The rise in opening savings accounts is attributed to the door-to-door service the department provides plus the convenience factor wherein customers need not walk seven to eight km to reach a bank and spend rest of the day waiting in a long queue to deposit cash,” reasons P. Sravan Kumar, Inspector of Department of Posts, Paderu Sub-Division.

Greater reach in unbanked areas and customer-friendly approach to attract those who are reluctant to enter a bank make the cash registers ring louder at post offices. 

Source :  http://www.thehindu.com