The move will see the postman provide a host of financial services at
your doorstep, armed with an iPad and a smartphone. These will range
from basic banking services like opening current or savings
accounts(with a balance of up to Rs 1lakh) to all kinds of payments
-including social security payments, person-to-person remittances -and
distribution of financial products such as insurance and mutual funds.
"We have 1.54 lakh post offices, of which 1.39 lakh are rural post
offices. Nearly 650 branches of postal payments bank will be established
in the country , which will be linked to rural post offices," telecom
and IT minister Ravi Shankar Prasad said.
The India Post Payments Bank (IPPB) will have a corpus of Rs 800 crore
and Prasad said it will be run by a CEO, while being professionally
managed. There will be representatives from other government
departments, including the department of posts, department of
expenditure and department of economic services.
There is a high level of excitement regarding the postal bank as private
financial entities want to ride on its vast network to reach the length
and breadth of the country.
More than five dozen domestic and foreign banks, mutual funds and
insurance com panies are seeking to strike business opportunities with
the postal department. Among those interested are domestic giants such
as SBI, PNB, Union Bank and international entities like Barclays Bank,
Deutsche Bank and HSBC. Also in queue are HDFC Life, ICICI Lombard,
ICICI Prudential, Bajaj Allianz, Kotak Life Insurance, Royal Sundaram
and PNB Metlife.
All post offices will be access points for IPPB. These post offices will
be equipped with micro-ATMs for facilitating both cash and digital
transactions. Nearly 1.7 lakh delivery postmen and Grameen Dak sevaks,
savings agents and other postal franchisees will take banking to your
doorsteps. It will have additional access points through about 5,000
ATMs, mobile and internet banking .
Source:-PIB
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