All 'grameen dak sevaks' in rural post offices will be given handheld devices by March 2017.
Post Office has 1,54,000 rural branches.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The vertical will be based out of Bengaluru.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
A total of 41 companies had applied for the permit
India Post may be keen to apply for payment bank licence.
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.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Payments banks are niche banks which will be allowed to function with several restrictions.
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.
Prasad also said India will be a $1 trillion opportunity for digital companies in five years
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
A nationwide strike called by trade unions to protest against the central government's labor policies had a mixed impact across India. While normal life remained largely unaffected in most parts of the country, some sectors like banking, transport, and insurance experienced disruptions. Sporadic incidents of violence were reported in West Bengal.
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.
Reserve Bank Governor Raghuram Rajan on Friday said banking sector will see major changes in the coming years.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
'A fresh look is being given to ways of processing, transmission, and delivery.'
Banks in India must have a modern approach, suggests a panel comprising of banking bigwigs.
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The NPAs of banks stood at over Rs 3 lakh crore as on December 2014.
Pulbic banks have no reason to cheer Budget announcement.
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.
President Pranab Mukherjee addressed a joint session of Parliament ahead of the budget session which began on Tuesday. Here are the highlights of President Pranab Mukherjee's speech:
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
Now, telcos will be penalised for call drops.
Discussions are on in government about how to make the process simpler for the poor and more cost-effective for telecom operators, says Subhomoy Bhattacharjee.
The seizure, as per officials, is estimated to be worth over Rs 10 crore in the international market (about Rs 5K-7K per blot) and all the six who have been taken into custody, beginning late last month, are students and youngsters who wanted to make 'easy money' by remaining anonymous within the deep layers of secret internet-based apps and messenger service like WICKR.
Raghuram Rajan, who has been pilloried by his critics for keeping interest rates high and has also been accused of stifling growth.
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
Use cheques, cards to check black money, says Jaitley.
The finance minister also hinted that not all of the Rs 15.44 lakh crore worth of currency junked will be remonetised through issuance of new notes as he said digital currency will fill the gap.
There is no such thing as 'free' credit cards. Most of the charges associated with your card are not even told upfront to you. Knowing about these various fees and charges will put you in good stead and help you use your card prudently.
The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.
Do you know what kind of currency notes are illegal?
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
City police, metros, airports, even power utilities are using pop culture and social media to reach the young and encourage public ownership of public services. Amritha Pillay reports.
Or, what will the Indian policy process allow it to be, says Ajit Balakrishnan.
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