The government is in plans to utilize the services of the postmen for rural financial literacy. These people will get to know about using the banking service and accessing the financial inclusion schemes that are state-sponsored. The union finance ministry is working to develop a structured program that will be a part of the latest financial inclusion strategy. Under this, the banks will pay a specific amount of fee to make use of the services rendered by the postal department.
India Post is one among the 11 such successful entities that have got the approval for the payments bank license from the RBI. This scheme is tentatively named India Post Payments Bank and it will have an initial capital amount of Rs 300 crore.
M S Ramanujan, a member of the Department of Posts, Banking and HRD segment stated that the idea is to convert the post office into a hub for financial literacy. They are looking forward to leverage their postal network completely. The banks will have to pay a small fee amount to the postal department to make use of their services. This fee will depend on the location, and other details are in planning.
As per a senior finance ministry official, the government is in plans to focus on the financial literacy that is a part of the financial inclusion program. With the accounts being created, they aim to ensure that the people take advantage of the schemes that are available.
Though around 18.86 crore accounts have been opened, around 40 percent of them have zero balance. The government is in the aim to develop the custom of banking in them so that they get the benefits of other financial services.
The government launched three social security programs including the Atal Pension Yojana (APY), the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).