NEW DELHI: The
government is looking to utilise 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 organise weekly
literacy camps and selected post office employees will undergo a
structured training programme developed by banks on financial literacy,"
said M S 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 licence 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.
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 staterun banks
to promote new entrepreneurs under the Pradhan Mantri Mudra Yojana,
which will seek to "fund the unfunded".
ET View : The Postman Rings a Second Time
As services and
requirements change, so will jobs. A robust system should be able to
leverage the existing infrastructure, including human resources, to
perform new functions. The decision to leverage the familiarity and
trust associated with the postman to improve financial inclusion is a
smart move.
The government could also consider redefining the role of other government functionaries to improve the manner in which different programmes and schemes are accessed by the rural population.
Source : http://economictimes.indiatimes.com
