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9 th Annual Banking Summit cum Social Banking Excellence Awards 2013 16 th Sept 2013 Role of Post Offices in Social Banking Empowering and Connecting India.

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Presentation on theme: "9 th Annual Banking Summit cum Social Banking Excellence Awards 2013 16 th Sept 2013 Role of Post Offices in Social Banking Empowering and Connecting India."— Presentation transcript:

1 9 th Annual Banking Summit cum Social Banking Excellence Awards th Sept 2013 Role of Post Offices in Social Banking Empowering and Connecting India

2 Post Offices 1,54,822 Post Offices 1,54,822 Departmental Post Offices 25,444 Departmental Post Offices 25,444 Urban POs (10.16%) Urban POs (10.16%) Rural POs (89.84%) Rural POs (89.84%) Extra Departmental Post Offices 1,29,378 Extra Departmental Post Offices 1,29,378 2, 09, 000 Departmental Employees 2, 58, 000 Extra Departmental Employees 2, 58, 000 Extra Departmental Employees On an average, a post office covers an area of sq. km and serves 7,817 people. 23,552 Computerized and internet equipped Post Offices. India Post – The Last Mile reach Role of Post Offices in Social Banking

3 Post Offices Savings Bank: Small Savings Schemes in operation on behalf of Ministry of Finance since 1882 through more than 154,000 Post Offices More than 279 million account holders with outstanding balance of Rs 6059 billion Schemes offered include Savings Account, Recurring Deposit, Time Deposit, Monthly Income Account Scheme, Senior Citizens Savings Scheme, Public Provident Fund & National Savings Certificates Role of Post Offices in Social Banking Savings Bank

4 Disbursement of Social Security Schemes Mahatama Gandhi National Rural Employment Guarantee Act (MGNREA) Pension Schemes Indira Gandhi National Old Age Pension Scheme Indira Gandhi National Widow Pension Scheme Indira Gandhi National Disability Pension Scheme Scheme for pregnant and lactating mothers Providing cash directly to women during pregnancy and lactation Role of Post Offices in Social Banking

5 MGNREGA Act provide at least 100 days of guaranteed wage employment in every financial year to every household Disbursement of MGNREGA wages is being made through around 94,000 post offices across India through Post Office Savings Bank (POSB) accounts Yeas wise Progress: Role of Post Offices in Social Banking Year Number of MGNREGA accounts (in million) Amount disbursed (Rs. In milliom) , , , , ,140 Total408,160

6 Pension Schemes These payments are being effected either through money orders or Post Office Savings Bank accounts In , more than Rs million have been disbursed through 8.44 million accounts and more than Rs million have been paid through 42.8 million money orders Role of Post Offices in Social Banking

7 Scheme for pregnant and lactating mothers: Indira Gandhi Matritva Sahyog Yojana (IGMSY) Conditional Cash Transfer (CCT) Maternity Benefit Scheme envisages providing cash directly to women during pregnancy and lactation More than 0.21 million such accounts have been opened so far through which Rs million have been disbursed. Role of Post Offices in Social Banking

8 Remittances Services Electronic Money Order ( eMO) Facilitates ELECTRONIC remittance of Money Orders up to Rs. 5000/- (85 US$) electronically, between Post Offices. Centralized MIS and online Tracking facility through 18 digit code Facility of cash delivery at the doorsteps Instant Money Order (iMO) An instant online domestic money transmission service available in 15,540 POs Amounts upto Rs 50,000/- (850 US$) can be transmitted and paid based on unique system generated iMO code number and valid ID proof International Money Transfer Service Instant transfer of personal remittances from 195 countries to beneficiaries in India Being offered in association with WU since 2001 and with Money Gram since 2011 Amounts upto INR equivalent of 2500/- USD can be received by providing the unique Money Transfer number and valid ID proof. Maximum of 30 transactions can be received in a year from one customer. WU-IMTS available from 7312 locations and MG-IMTS from 3369 locations Role of Post Offices in Social Banking

9 Remittance Services – contd. International Money order Service through International Financial System (IFS) Sent through the secured electronic channel of UPU Inward remittance up to Rs 50000/- (850 US$) can be received in cash and above Rs 50000/- (850 US$) is paid by cheque Each inward remittance is limited to $2500 through single transaction and a maximum of 30 inward remittances are allowed in a year to a single payee. Rapid delivery (1) Within two days in eMO Service connected POs and (2) 5 days for offline offices. Existing eMO Domestic Channel expanded is being used for IFS service Service in Operation: with France Agreement finalized : with Sri Lanka, Mauritius, Ukraine, Lao PDR and Cambodia Discussion in process: With UAE, Malaysia, Belarus, Pakistan, Bangladesh, Indonesia, Vietnam, Portugal, Russia and Nigeria Role of Post Offices in Social Banking

10 Remittance Services - contd MO Videsh (through Eurogiro) Only outward service Offered by India Post through Eurogiro Network Available to all the countries except Myanmar, Nepal, Bhutan, Cuba, Iran and Sudan Maximum limit of a single transaction is USD 5000 subject to RBI regulations and local legislation of the destination countries Integrated with domestic remittance platform to ensure rapid delivery & online tracking Dedicated monitoring unit International Remittance Unit set up at Mysore, India An agreement has been signed to expand the service with Deutsche Bank, an approved US Dollar Settlement Partner of Eurogiro Network Bilateral Agreements with Japan Post, Al Rajhi Bank, Saudi Arabia, Thai Post and Italy Post are in progressive stage Role of Post Offices in Social Banking

11 Introduced in 1995 with objective to provide affordable insurance cover to the rural population, especially women and weaker section RPLI is the second largest life insurer in rural areas (after LIC) million rural policies including 6 million policies of women Provides financial security Low premium payment Premium payment facility at all Post Offices Role of Post Offices in Social Banking Rural Postal Life Insurance

12 Rural ICT Solution will introduce 1.3 Lakh mobile BOs Banking services for unbanked rural population Availability of multiple channels for ease of transaction Expedited distribution of insurance policies to the rural customers Personalised smart cards for policy holders to enable paperless transactions Electronic and secure mode of money transfer into rural India SMS confirmation of successful transfers Focal point of delivery of social security schemes of the State Reduction in fraud and errors through biometric authentication Bridging gap between urban and rural India Utility bill payments (water, electricity,) Phone top ups, rail ticket bookings Tracking of accountable articles Streamline mail process by scanning bar codes Mail Operations Postal Banking Retail Applications Money Order Transfer Rural Life Insurance Paying Social Security Schemes Branch Post Office IT Modernization – Rural ICT Solution Role of Post Offices in Social Banking

13 Devices Handheld Computers Thermal Printer Biometric Scanner 2D Imager Smartcard / Mag Stripe Reader and Writer Rural ICT Solution Overview 13 IT Modernization – Rural ICT Solution – The Architecture Role of Post Offices in Social Banking

14 Direct Benefit Transfer (DBT) DBT envisages electronic crediting of social benefits into accounts and bio-metric authenticated payment to beneficiaries DBT will ensure transparency and minimize pilferage Rolled out in 121 districts of India. Other districts will be added soon. Implementation of Rural ICT and Core Banking Solution (CBS) will enable India Post to roll out DBT through Post Offices shortly India Post is using electronic Fund Management System (eFMS) for MGNREGA & Central Plan Scheme Monitoring System (CPSMS) for other schemes as an interim solution for electronic crediting of benefits Role of Post Offices in Social Banking

15 Thank You Role of Post Offices in Social Banking


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