July 6, 2020 (MLN): Pakistan Post is all set to be made into Pakistan Post Bank to help record all cash transactions through Post office, now that all the working paper has been prepared.
The aforesaid decision transpired after the Asia Pacific raised flag on functioning of Pakistan Post operations, stating that the transaction of cash through Pakistan Office appeared to be less documented.
Hence, the creation of Pakistan Post Bank is expected to accelerate pace of remittances and track all cash transactions.
Pakistan Post Office currently has 10,500 branches, out of which 2,400 Pakistan Post Branches have not been reached by any bank so far.
Moreover, Pakistan Post Office has around 2.1 million users and 38 million account holders in Pakistan as of now. With the creation of Pakistan Post Bank, the number of users is likely to increase to 65 million by 2023.
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