Please give some information about the widening of banking base by postal network

Q: Hi, after the budget, i heard that the government announced that post offices will now be able to carry out banking services. Is this true?

David Oomen Mathews, Kochi

5th March 2015

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Replies (9)

In my personal opinion a dedicated institution that could function as a refinance organisation would enable banks to set apart funds for MSMEs. That would not only make the functioning easier, but also make promote other MSME's to start expanding.

Allen George, Kochi

14th March 2015

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Yes, i agree with Mr Padmakumar's views, since formation of MUDRA bank would have a multiplier effect. Small enterprises were often confronted with the question of viability from financing agencies. Banks usually insisted on collateral, which posed problems for units having a small capital base.

Rajneesh Nambeesan, Kochi

14th March 2015

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I read an interview of Mr. Padmakumar, the former chairman of federal bank, and he said that the contribution of MSMEs to the manufacturing segment was about 35-50 per cent, but the sector had been facing problems in getting finance from banks.

Rajneesh Nambeesan, Kochi

13th March 2015

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I came across this piece of information that you might find interesting. The move to create Micro-Units Development and Refinance Agency (MUDRA), referred to in the budget, will help micro, small and medium enterprises (MSMEs) get adequate finance for their projects.

Aadesh Chacko, Kochi

12th March 2015

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Did you know that the payment banks will be able to handle payments and remittance, but are not permitted to issue credit cards or resort to lending activities. Great way to ease the burden on the banks in my opinion.

Rajagopal Menon, Kochi

10th March 2015

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I heard that in his budget speech, Union Finance Minister Arun Jaitley had expressed hope of having the postal network included in the new payment bank system envisaged by the RBI. India Post has applied for the new bank licence.

Sreekutty Nair, Kochi

8th March 2015

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I know that The project is slated for completion by the end of the calendar year. Also work on setting up 56 ATMs is in progress. The range of services offered by India Post at select centres includes postal life insurance, money remittance, mutual funds, and foreign exchange handling.

Vineet David, Kochi

7th March 2015

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Well, a programme to bring the post office network under core banking solutions is under way in the State. As many as 47 post offices across the State have been made ready to operate under the core banking solutions system.

Micheal George, Kochi

6th March 2015

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Yes, the financial inclusion project of the Union government is set to chart new paths with post offices being prepared to carry out banking services. The Kerala circle of India Post is getting ready to execute the task envisaged by the Union Finance Ministry.

Krishnan Nair, Kochi

5th March 2015

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