A commemorative postage stamp on the Centenary of the Post Office Savings Bank (POSB):
Issued by India
Issued on Oct 23, 1982
Type : Stamp, Postal Used
Colour : Multicolour
Denomination : 50 Paise
- 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 the 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. While there were 3 Presidency banks and 180 District banks at the time, the number of Post Office banks in the very first year was 4046. In that year there were 39,000 accounts, which together had deposits of Rs. 28 lakhs. 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 and of Presidency banks on 1st October, 1896, when the Government Savings Bank became a Post Office monopoly.
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