Post offices to be converted into payment banks

New Delhi, Aug 15  Post offices across the country will be converted into "payment banks", Prime Minister Narendra Modi said on Monday.

"Post offices will be converted into payment banks," he said while addressing the nation from the Red Fort here on the 70th Independence Day, adding the move will create a network of banks which will help in transfering benefits to the people. 

The prime minister said with advent of technology post offices are becoming irrelevant and the government is focusing on keeping them relevant. 

"Everyone loves the postman," the prime minister said.