India Post Savings Touch Rs 22 Lakh Crore, Five Times Karnataka's Budget

India Post has become a massive financial powerhouse, holding a whopping Rs 22 lakh crore across 38 crore savings accounts. The Sukanya Samriddhi Yojana is a huge hit with 3.8 crore accounts.

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A hub for financial security

India Post has turned into the country's biggest centre for financial security for the common man. Union Minister Jyotiraditya Scindia revealed that the department manages ₹22 lakh crore across 38 crore savings accounts.

Image Credit : Post Office\Twitter

Sukanya Samriddhi's huge success

The 'Sukanya Samriddhi Yojana' (SSY), a scheme for girls' education and future, has seen a massive response nationwide. Minister Scindia stated that the scheme now has over 3.8 crore accounts with total deposits hitting ₹2.27 lakh crore.

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5 times Karnataka's budget!

To put things in perspective, the ₹22 lakh crore held in post office accounts is five times the size of Karnataka's recent budget of ₹4.48 lakh crore, which CM Siddaramaiah just presented. Union Minister Jyotiraditya Scindia shared this data recently.

Image Credit : Post Office\Twitter

Getting a high-tech upgrade

The postal service is getting a modern makeover to speed things up. According to Scindia, the department is bringing in new tech like conveyor systems, scientific sorting methods, RFID, barcodes, and QR codes.

Image Credit : Post Office\Twitter

Drone deliveries are coming soon

Soon, drones will deliver postal parcels to hilly regions like Jammu and Kashmir, Uttarakhand, and Himachal Pradesh, said Scindia. He added that the department is following PM Modi's 'Reform, Perform and Transform' mantra.

Image Credit : Post Office\Twitter

Turning around 'Nil' business

The country has 1.65 lakh post offices with 4.5 lakh employees. Earlier, around 1 lakh of these offices reported 'Nil transactions'. Thanks to continuous monitoring, that number has now dropped to just 1,500.