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The Postman Is Now Your Banker Research Team | Posted On Saturday, April 21,2018, 08:09 PM

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The Postman Is Now Your Banker



The postman at your doorstep is a familiar face. Only instead of delivering letters, he has a new role. The postman will soon be your banker. Rural India faces a big problem… Internet Illiteracy…. Crores of citizens use mobile phones, but only for voice communication. As many citizens especially in rural India are internet illiterate, Digital India is facing problems.

Financial Inclusion is being hampered by this lack of internet literacy. If Direct Benefit Transfer (DBT) has to be more successful, the rural citizens must be made, internet literate.

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The Postman Is Now Your Banker

With most of our citizens using mobiles, and mobile rates dirt cheap, gone are the days when citizens used to wait for the postman to deliver letters at their doorsteps. But, the humble postman can be very useful. India Post the World’s largest postal network, can be your bank and the postman, your banker. India Post Payments Bank will use the postman to offer doorstep banking in rural areas.

See Also: Post Office Savings Scheme

1. How is the postman your banker?

Today’s postman is armed with a smartphone. IndiaPost will educate, and train the humble postman, to become a banking correspondent. Your postman will assist you with banking transactions at your doorstep. You can use the services of the postman, so that you receive the subsidy payments through Aadhaar Pay or BHIM.

So how can this move be a success? The rural people trust the humble postman and the post offices. Look at the number of citizens opening deposits in post offices? The India Post Payments Bank is crucial for financial Inclusion in India. It can function at the grassroots level and bring rural citizens and small businesses into the formal financial system.

2. India Post can bring digital services to rural India

PM Narendra Modi has a vision. A vision of Digital India. The Government wants to make sure the services of India Post Payments Bank, reach citizens in every nook and corner of India. India Post Payments Bank enjoys direct connectivity with rural people, migrant laborers and social sector beneficiaries.

According to plans, around 40,000 postmen will be assigned to India Post Payments Bank. This number will soon be increased to 1.5 Lakh postmen. The first batch of postmen, would soon be provided smartphones and be the agents of India Post Payments Bank.

Let’s say you are a beneficiary of Central and State Government Schemes like Mahatma Gandhi National Rural Employment Guarantee Scheme and the National Security Assistance Programme. The payments will be processed by India Post Payments Bank. India Post Payments Bank is also in touch with State Governments and wants a bigger role in the DBT Scheme vis-à-vis the subsidies they offer.

3. India Post Payments Bank can bring loans to rural citizens

Payment Banks like India Post Payments Bank are not supposed to lend. They can only accept deposits and help through quick remittances and payments. India Post Payments Bank cannot give loans, but it can make it easier for third-parties to offer loans to rural citizens.

The local postman knows the villagers in the area. He would know them personally and have a fair idea on their finances. If the postman knows the financial position of the people in the rural area (villagers in the area), his inputs in sanctioning of small loans to buy cattle, fertilizers or even opening small shops would be very essential. Third-parties would take their opinion before sanctioning the loan.

See Also: Business Loans By Government

Villagers would easily get their loans sanctioned and unscrupulous moneylenders would meet an early end. Be Wise, Get Rich

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