Postal Department opens more Payment Banks for Cashless Transaction
Posted on: 19/Apr/2018 12:54:23 PM
Indian Postal Department sets up many payment banks across the nation to improve more transactions based on Cashless payment, e-banking process and Savings Bank accounts in the rural areas. It will commence the primary operation by this month end.
The composition of rural areas are almost more than 60 percentage in the total landscape of Indian Scenario. So the payment bank models in the post offices brings in more customers to deposit their money in the savings account and use the methods of cashless transactions in their future endeavors.
Postal Department will double up the payment banks in many areas connecting through sub-post offices with branch offices. This new installments of banks are an effort to improve more banking services based on less populates remote areas.
In Tamil Nadu alone the Postal Department planned to open 37 payment banks on a uniformly divided locations within the year end. All the services related to payments will be provided but the section will not include the loan providing options or credit card services.
At present, the annual interest rate has been fixed at 5.5%. Officials of the postal department said the main purpose of the payment banks was to promote cashless transactions and provide efficient banking services to rural areas.
The official reports informed that the customers can deposit up to Rs 1 Lakh. The main advantage of these payment banks is Zero minimum balance. Customers will not have a demand from the bank authorities to maintain the minimum balance for the retaining of the account.
Cashless Transactions through Internet and QR based transaction through Mobile banking can be availed by the customers.
The Direct Benefit Transfer services will enable the customers to receive the money directly from the bank staff members and then later they can chose to save any amount on their own wish. It is purely based on Aadhar identification and so fraudulence will never occur in any of these direct transactions. The amount deposited and the balance details will be forwarded to the registered mobile numbers.
There are 2.75 Crore savings bank account in Tamil Nadu and the Chennai region with 56 Lakh account. Online and Mobile banking services will be offered very soon to the Customers.
