19 June 2015
100 Years of Post Office bank 23.10.1982
100 YEAR OF POST OFFICE SAVINGS BANK. 1st April, 1882 was epoch making day in the history of popular banking in India. It was on that day the Post Office Savings Bank took shape in the country on the authority of the Government Savings Bank Act, 1873. Government banking had earlier existed in India but only as Government Savings Bank in three Presidency towns, in Calcutta from 1833, in Madras from 1834 and in Bombay from 1835, and as District Savings Banks at District Headquarters from 1870. These were restricted efforts and, therefore, their impact was modest. The advent of the Post Office on the scene resulted in a big increase in the number of banks, accounts and deposits.
The experiment of Post Office as bank was a great success, which finally led to the merger of District Savings Banks in the Post Office Savings Bank on 1st April, 1886, when the Government Saving Bank became a Post Office monopoly.