Jagat Prakash Nadda to attend India Post bank inaugural today

Vijayawada: India Post has embarked on introducing the Payments Bank for the citizens in general and for the rural people in particular which could be described as the 21st century answer to the digital banking that is totally paperless.

Union Minister for Health and Family Welfare Jagat Prakash Nadda will be present at the inaugural function of the India Post Payments Bank at Buckinghampet post office at Vijayawada on Saturday when Prime Minister would digitally launch the bank from New Delhi, according to Chief Post Master General K Subramanian of Andhra Pradesh.

Addressing the media here on Friday, Subramanian said that for the first time the India Post is embarking on Payments Bank operations now though it secured permission from the Reserve Bank of India in 2015.

He said that all post offices would have the Payments Bank facilities in future throughout the country and at present one bank at Buckinghampet post office and another at Gudivada post office would be launched for the time being.

The paperless banking service which is Aadhaar-based would help the rural people in transacting banking services at their doorstep, manager Prasanti said.  She said that a missed call is enough to carry out banking transactions. “The rural people could deposit up to Rs 5,000 through the postman of the village sitting at home,” she added.

Prasanti said that the last mile delivery agent postman is equipped with a smartphone and biometric device which would enable him to help the rural people in banking transactions, including depositing and withdrawing money from his account subject to a maximum of Rs 5,000 per transaction.

“It is totally paperless banking and the account holder would get short message services on his mobile whenever he transacts,” she added.
Moreover, the account holder would be given a QR card which he could use like a debit card. Assistant Post Master General Sarma and senior postal department officials were present.