Role of Post Offices in Social Banking

Post Offices Savings Bank:
       Small Savings Schemes in operation on behalf of Ministry of Finance since 1882 through more than 154,000 Post Offices
        More than 279 million account holders with outstanding balance of Rs 6059 billion

       Schemes  offered include  Savings Account, Recurring Deposit, Time Deposit , Monthly Income Account Scheme,  Senior Citizens’ Savings Scheme , Public Provident Fund & National Savings Certificates





Disbursement of Social Security Schemes 
          Mahatama Gandhi National Rural Employment Guarantee Act (MGNREA)
      •     Pension Schemes:-
     Indira Gandhi National Old Age Pension Scheme
     Indira Gandhi National Widow Pension Scheme
     Indira Gandhi National Disability Pension Scheme 
     Scheme for pregnant and lactating mothers
     Providing cash directly to women during pregnancy and lactation
  Role of Post Offices in Social Banking
Year             No of MGNREGA accounts              Amount disbursed                            (Rs. in million)                               (Rs. in million)
          2008-09                  29.2                                           38,630
          2009-10                  42.5                                          79,000
          2010-11                  49.0                                          91,790
          2011-12                  53.6                                           78,600
          2012-13                  57.4                                          120,140
                                       Total                                         408,160
MGNREGA
       Act provide at least 100 days of guaranteed wage employment in every financial year to every household
       Disbursement of MGNREGA wages is being made through around 94,000 post offices across India through Post Office Savings Bank (POSB) accounts
       Yeas wise Progress:
 Pension Schemes
       These payments are being effected either through money orders or Post Office Savings Bank accounts
       In 2012-13, more than Rs. 8137.9 million have been disbursed through 8.44 million accounts and more than Rs. 32000 million have been paid through 42.8 million money orders
 Scheme for pregnant and lactating mothers: Indira Gandhi Matritva Sahyog Yojana (IGMSY)
       Conditional Cash Transfer (CCT) Maternity Benefit Scheme envisages providing cash directly to women during pregnancy and lactation 
       More than 0.21 million such accounts have been opened so far through which Rs.45.27 million have been disbursed.
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