The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
Payments banks have urged the Union finance ministry to increase their deposit limit for each account to Rs 5 lakh, according to a source who participated in a meeting, chaired by the Department of Financial Services Secretary M Nagaraju, in New Delhi. At present, they can accept deposits of up to Rs 2 lakh.
There was such a rush that more counters were opened outside the GPO building, under the open sky, he added.
'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
India Post Payments Bank and Unique Identification Authority of India under an arrangement will allow postmen to update mobile numbers of Aadhaar cardholders. The service will be available through a network of 650 India Post Payments Bank, 1.46 lakh postmen and Gramin Dak Sevaks (GDS).
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The Department of Posts was one of the 11 entities to get the in-principle nod from the Reserve Bank of India in 2015 for setting up a payments bank.
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
According to sources, the postal bank will tie up with other banks and financial companies to offer products like loans, mutual funds, and insurance policies to its customers.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
More than five lakh aspirants will take the exam on January 7 and 8, 2017.
Mastercard is keen on being known not as a payments player but a technology company.
He said while the previous UPA government hid the bad loans, his government has properly recognised them and brought tough laws to deal with defaults and recovery money.
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