PM launches India Post Payments Bank aimed at financial inclusion
New Delhi, Sep 1: Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) aimed at strengthening financial inclusion by taking banking services to the unbanked rural areas across the country.
The payments bank would initially provide current and savings account facility at 650 post offices and 3,250 access points.
"The India Post Payments Bank will further the process of financial inclusion which started with the launch of Jan Dhan Yojana launched in 2014," said the Prime Minister speaking at the launch.
By 2018-end, the number of access points would increase to 1.55 lakh, of which 1.30 lakh branches would be in rural areas, according to the Communications Ministry.
"The Indian Postal Department has 1.5 lakh post offices and more than 3 lakh postmen. We have taken the onerous task of linking such an extensive system with technology to build the most powerful system. Now the postman is equipped with a smartphone and has a digital device in his bag," Modi said.
Farmers and daily wage earners under the Pradhan Mantri Fasal Beema Yojana and Mahatma Gandhi National Rural Employment Guarantee scheme would be among the key beneficiaries as they can receive their claims through the payments bank, he said.
According to the Communications Minister Manoj Sinha, people can open their accounts in the bank in less than a minute through Aadhaar cards and transactions can be done through Quick Response (QR) card provided by the bank without the need to remember account numbers and passwords.
Account holders of the Post Office Savings Bank would also be able to avail of IPPB services by linking their accounts, he added.
Although payment banks are not mandated by the Reserve Bank of India to provide loans and insurance, IPPB has tied up with the Punjab National Bank and would work as an agent of the bank to provide loans to the account holders. Interest on loans would be the rate PNB charges and IPPB would not charge any commission for its service.
The bank would provide services such as current account, savings account, remittances, money transfer, direct benefit transfer, enterprise and merchant payment, the minister said, adding that the services would be available through multiple channels, including counter services, micro ATM, mobile banking applications, SMS and IVR (Interactive Voice Response).
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Gehlot changes profile pic to 'Save Aravalli', asks Centre to reconsider definition
Jaipur (PTI): Congress leader Ashok Gehlot on Thursday urged the Centre to reconsider its definition of the Aravallis, warning that any damage to the mountain range posed a serious threat to the ecological future of north India.
Gehlot, a former Rajasthan chief minister, changed his social media profile picture in support of the nationwide 'SaveAravalli' campaign amid growing debate over mining and environmental safeguards in the Aravalli Range.
It was his symbolic protest against the new interpretation under which hills lower than 100 metres are no longer being recognised as part of the Aravalli system, he said.
ALSO READ:In open letter, RJD MP appeals to parliamentarians to oppose VB-G RAM G Bill
"The Aravalli cannot be judged by tape measures or height alone. It must be assessed by its ecological importance," Gehlot said, adding that the revised definition raised "a big question" over the future of north India.
Appealing to the Centre and the Supreme Court, Gehlot said the issue must be reconsidered in the interest of future generations and environmental security. He also urged citizens to participate in the campaign by changing their display pictures online to draw attention to the issue.
He said the Aravalli range functioned as a natural green wall against the expansion of the Thar desert and extreme heatwaves, protecting Delhi, Haryana and western Uttar Pradesh. Opening up smaller hills and so-called gap areas for mining would allow desertification to advance rapidly, he warned.
Gehlot also flagged concerns over air pollution, saying the hills and forests of the Aravallis acted as the "lungs" of the National Capital Region by checking dust storms and absorbing pollutants.
"When pollution levels are so alarming even with the Aravalli standing, one can imagine how disastrous the situation will be without it," he said.
Highlighting the water crisis, the former chief minister said the rocky terrain of the Aravallis played a crucial role in groundwater recharge by channelising rainwater underground.
"If the hills are destroyed, drinking water shortages will intensify, wildlife will disappear and the entire ecology will be pushed into danger," he said.
Gehlot argued that, from a scientific perspective, the Aravallis was a continuous chain and that even smaller hillocks were as vital as higher peaks.
