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Thursday, March 17, 2016

The proposed payments bank of Dept of Posts is likely to provide DBT facility of various ministries: MoC IT

The proposed payments bank of Department of Posts is likely to provide DBT facility of various ministries, Parliament was informed on 16.03.2016. 

"The India Post Payments Bank (IPPB) is likely to provide "Direct Benefit Transfer (DBT) of social security payments of various ministries," Telecom Minister Ravi Shankar Prasad informed informed Lok Sabha in a written reply. 

The DBT schemes are presently handled through banks. The postal department has been managing distribution of wages under MGNREGA scheme. Under the DBT scheme, the government directly transfers subsidies into the bank accounts of the people eligible for benefit. Subsidies, including LPG, of around 35-40 government schemes are covered under it. 

As per official data, till December 27 around Rs 40,000 crore was directly reaching the beneficiaries through various schemes. The postal department has also received 'In-Principle' approval from the Reserve Bank of India on September 7, 2015 for setting up of the payments bank within 18 months. 

The Department has received clearance for funds from the Public Investment Board (PIB) for the payment banks. "The DoP is seeking approval of the Cabinet Committee on Economic Affairs for setting up of the IPPB," Prasad said. The IPPB is also likely to facilitate payments of central and state governments as well as municipal dues and fees of various universities and educational institutions. 

List of other probable service includes "person to person remittances both domestic and cross border." "Special focus will be on providing economical, safe and convenient money transfer facilities to migrant labourers, NRIs remitting money to relatives, institutions etc," Prasad said. 

The IPPB may distribute third party financial products such as insurance, mutual funds and pension products, give access to formal credit products by acting as banking correspondents of banks and facilitate utility bill payments for electricity, water, telephone, gas etc, the minister added. 

On financial services being provided by the Department, the minister said that 652 ATMs have been installed at major post offices and 1,33,486 ATM or Debit cards have been issued to Post Office Savings Bank customers.