Skip to main content

RBI may give payment bank licence to postal dept by September

By
The Reserve Bank of India (RBI) is expected to grant payment bank licence to the postal department by September for operating Post Bank, Communications and IT Minister Ravi Shankar Prasad said on Thursday.
Affirming commitment to honour ‘Dakia’ (post man) in a bid to re-energise the Department of Posts (DoP), he said, “You will be happy to know that RBI will grant payment bank licence to the postal department.” This will enable the network of 1,54,000 post offices (including 1,25,000 rural post offices) to offer banking services to the masses in the country, he said.
While there was core banking solution only in 236 post offices till NDA government came to power last year, the number of such facilities was extended to 2,590 post offices, he said. DoP, he said, has changed its working style and achieved a turnover of Rs.500 crore in 5-6 months.
The centre’s “Sukanya Samridhi Yojana”, Postal Life Insurance, Jan Dhan Yojana and others were launched to empower the rural and poor people, he said, adding that “at least 52 lakh accounts have been opened under Sukanya Samridhi Yojana”.
At foundation stone laying ceremony of Post Office building here, he said DoP also has a great potential to make Digital India programme a success. On Digital India programme, Prasad said the country has as many as 98 crore mobile phones and 30 crore Internet connections in a population of 125 crores.
“We target to provide Internet connection to 50 crore people and make mobile phones available to 120 crore users in next two years. The Digital India programme will help growth of the country’s economy,” he said. The minister, however, urged people not to make Digital India programme a political issue as it would connect people and empower them both economically and socially.
E-commerce, with a total volume of Rs.17,000 crore, has a great future in the country, he said. Union petroleum minister Dharmendra Pradhan said “digital technology is no more in the domain of the elite. This is now at the hands of common men”.
Live mint, New Delhi, 11th July 2015

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

By
  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...
Post a Comment
Read more

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

By
  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025
Post a Comment
Read more