alexa
Home Articles The Postman Is Now Your Banker

The Postman Is Now Your Banker

IndianMoney.com Research Team | Updated On Tuesday, April 24,2018, 10:37 AM
5.0 / 5 based on 1 User Reviews

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.

Want to know more on investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

 

You May Also Watch: 

 

 

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.

 

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.

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

Did you find this article useful? You can Rate us
5.0 / 5 based on 1 User Reviews
Article Author

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

Get It now!