City Reports

Now, post offices in Rajasthan to provide banking and money transfer services

This much-awaited scheme will be launched on August 21. In the first phase, 165 post offices will start functioning as Postal Payment Bank.

Staff Writer | Updated:
August 9, 2018 12:31 pm
Post office

Jaipur: Post offices in Rajasthan that have once been instrumental in delivering mails will now be converted into a banking and money transfer service. The government is all set to use them as Postal Payment Banks (PPB). People will be able to transfer cash deposits and payments from post offices.

This much-awaited scheme will be launched on August 21. In the first phase, 165 post offices will start functioning as Postal Payment Bank.

The scheme will be inaugurated in Jaipur and then rolled out in other districts including Jodhpur, Bikaner, Ajmer and Udaipur. The postmasters who used to deliver mails will handle cash payments and deposits.

The government plans to set Postal Payment Bank services in 10309 post offices across the state by the end of December. All postmasters and department’s employees have been given the target to open 11 Lakh bank accounts in 100 days under the scheme.

People will be able to open their bank accounts in PPB with a deposit of just Rs 100. They will get an interest rate of 5.5 percent on their savings. The interest rate is higher than any bank in the state. The maximum cash limit of the account will be Rs 1 Lakh.

  • People in rural areas will get the digital banking and financial facilities.
  • Transfer of funds will be available from the mobile application and by visiting the nearest post office.
  • RTGS, NEFT and IMPS transaction facility will be available.
  • Distribution of pension, subsidy etc will be done.

According to NR Meena, Director of the Postal Department in Rajasthan, the PPB will start with 165 postal offices across Rajasthan. Nearly 61% of the people who are currently not using any banking services will likely get registered under the PPB scheme as availing the service is easier.

First published: August 9, 2018
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