Financial inclusion through india post

Preamble[ edit ] The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: The bank was set up based on the recommendations of the Royal Commission on Indian Currency and Finance, also known as the Hilton—Young Commission.

Financial inclusion through india post

India Post has been battling a number of challenges to establish its inclusion programs - shortage of trained staffcost of implementation and a credit hungry rural India. With no lending programs as part of its roadmapthe post office has fallen behind in its customer acquisition to a number of rural regional banks who grew in the light of the PMJDY.

India Post has undergone multiple makeovers since its formation. Apart from mail deliveryIndia Post has been servicing India as a business logistics service provider and a trusted financial advisor. There are short and long term investment options through the NSC schemes.

It plays a key role for the thousands of migrant workers who send home money through a tie up with Western Union for its International Money Transfer Scheme and also with MoneyGram for payments from the US into India. Money OrdersInstant Money Orders help money to be wired across the country.

Financial Inclusion

India Post takes on the support role for small businesses and infrastructure service providers in the form on a collection agent and its logistics arm. Since demonetization, India Post has helped hundreds of thousands deposit up to Rs.

Project Arrow aimed at upgrading technology and service was initiated in and since then garnered lot of appreciation and investment from the government. Further investments have poured in ever since. The current government has plans to use the digitization exercise for data registration services via its postal network to enhance digital reach and establish phase 2 of financial inclusion.

The stereotypical image of a postman riding down a dusty lane on a rickety old bicycle carrying letters delayed by weeks if not months has changed.Essential insights for CFOs and finance leaders of businesses in India. The CFO Agenda looks at topics of interest to CFOs and senior finance professionals of businesses in India as they seek to develop themselves and their teams and learn from others within their community.

Oct 02,  · Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

There is now a wealth of evidence from worldwide research that suggests financial inclusion plays a critically important role in poverty reduction, reducing income disparities and increasing economic growth. While many readers of The Jakarta Post are likely to be well connected to financial services.

Oxigen made a foray into the much needed Financial Inclusion sector with India's largest bank, State Bank of India in Through this partnership Oxigen delivers mainstream financial services to the bank-excluded masses of India using remote- biometric enabled Technology for Kiosk Banking.

Financial inclusion through india post

Dec 14,  · Financial Inclusion is about making day-to-day living easier and building a sustainable world. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and.

The need for financial literacy and its importance for financial inclusion have been widely recognised. Based on various research studies on financial literacy initiatives, this column outlines financial services’ needs of a poor household at various stages of its life cycle.

SBI Kiosk Banking | Oxigen is technological partner for SBI’s remittance