The
government is looking to utilize the services of postmen to teach people in
rural areas how to use banking services and access various state-sponsored
financial inclusion schemes. The finance ministry is working on developing a
structured programme as part of a new strategy for financial inclusion under
which banks will pay a fee to use the services of the postal department.
"The
idea is to turn a post office into a financial literacy hub. We will organize
weekly literacy camps and selected post office employees will undergo a
structured training programme developed by banks on financial literacy,"
said MS Ramanujan, member (banking and HRD), Department of Posts.
India
Post is among the 11 successful entities that recently got in-principle
approval for a payments bank license from the Reserve Bank of India.
Tentatively named as 'India Post Payments Bank,' the entity will have an
initial capital of Rs 300 crore.'
"We
are looking to leverage our entire postal network," said Ramanujan. He
said banks will pay a small fee to use the services of the postal department
depending on the location, details of which are being worked out.
A
senior finance ministry official said the government is looking to focus on
financial literacy as part of its financial inclusion programme. "Now that
the accounts have been opened, we want to ensure that people take advantage of
all other schemes, including soft loans under the MUDRA Yojana," said the
official, who did not wish to be named.
So
far, about 18.86 crore accounts have been opened under the Pradhan Mantri Jan
Dhan Yojana (PMJDY), with deposits of nearly Rs 25,700 crore.
"Around
40% of these accounts have zero balance. We want them to develop a habit of
banking, so that they can have a credit history and use other services,"
the official said.
"Around
40% of these accounts have zero balance. We want them to develop a habit of banking,
so that they can have a credit history and use other services," the
official said.
The
Centre had last year launched three social security programmes - the Pradhan
Mantri Suraksha Bima Yojana (PMSBY), the Pradhan Mantri Jeevan Jyoti Bima
Yojana (PMJJBY) and the Atal Pension Yojana (APY) - to bring the excluded under
the fold of formal financial services. The drive is billed as 'Jandhan to
Jansuraksha' or people's money to public security.
The
government has set a target of Rs 1.22 lakh crore for loans to be given by
state run banks to promote new entrepreneurs under the Pradhan Mantri Mudra
Yojana, which will seek to "fund the unfunded".
Courtesy: The Economic Times
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