Friday, September 30, 2016

Post Office always be on forefront of financial inclusion in India : Venkaiah

HYDERABAD, SEPTEMBER 26: 
Union Minister for Information and Broadcasting M Venkaiah Naidu has said that contrary to the popular misconception, the postal department has defied the rise of internet and mobile telephony.
Union Minister for Urban Development M Venkaiah Naidu, Minister of Labour and Employment, Bandaru Dattatreya (right), and Union Minister of State for Telecommunications and Railways Manoj Sinha inaugurating the Telangana Postal circle in Hyderabad KVS GIRI

Inaugurating the newly formed Telangana Postal Circle here today, he said, “From now onwards, Telangana Postal Circle and Andhra Pradesh Postal circle will cater to the needs of the respective states. It will increase efficiency both States. Andhra Pradesh Postal Circle will get a new headquarters at an appropriate time.”

Payment banks

Manoj Sinha, Minister of State for Communications (I/C) and Minister of State for Railways, has said the Department of Posts is in the process of setting up India Post Payment Banks (IPPB) with 100 per cent Government Equity.

The task is likely to be completed by September 2017 when all IPPB branches and their linkages with all post offices across the country will be completed.

Sinha said India has the largest postal network in the world. There were 1,54,939 post offices in India of which 1,39,222 (almost 90 percent) are in rural areas.

“Post has played major role in shaping of modern India. Post Office Saving Bank (POSB) had a customer base of 33.03 crore as on March 31, 2015. There has been a sharp increase in it due to the welfare schemes,” he said.

Savings accounts

He said the number of saving accounts in post offices went up by 3 crore within one year of the NDA government’s functioning.

The total number of accounts including Recurring Deposit, MIS, MNREGA, Sukanya Samriddhi Yojana went up by 5 crore in the corresponding period.

Explaining some of the recent initiatives, he said India Post has reinvented its role in rural narrative.

“The MNREGA payments are being disbursed and the Postal Department has rolled out Central Banking Solution in 9,583 Post Offices. ATMs have been installed at 125 locations and Debit cards have been issued to Post Office Savings Bank customers,”he said.