(1) POST OFFICE SAVING BANK
At present
Department of Posts is offering 9 Small Savings Schemes, named below, to the
public on behalf of MoF (DEA).
i.
Savings Account
ii.
Recurring Deposit
iii.
Time Deposit
iv.
Monthly Income Account Scheme
v.
Senior Citizens’ Savings Scheme
vi. Public Provident Fund
vii. National Savings Certificates (VIII and IXth
Issue)
viii. Kisan Vikas Patra (re-launched on 18.11.2014)
ix. Sukanya Samriddhi Account (launched on
22.01.2015)
In the above schemes, only mobilization of Small Savings through deposits
is done and there is no provision of credit facility to the members of public. Core Banking
is being implemented in the Post Offices. As on 23-02-2015, CBS facility is
available in 2129 Post offices. ATMs have also been installed in 11 locations
across the country.
(2) MONEY REMITTANCE SERVICES THROUGH POST
OFFICES
Department
of Posts
is the largest provider of money remittance services in the country. As
may be
seen from the table below, the Post Office paid out a total of
Rs.12,000/- crores during 2013-14 to 9 crore reciepients, under its
domestic and
international remittances.
Sl.No
|
Type
|
Services
|
Number of Transactions
|
Amount Disbursed (In Crores)
|
1
|
Domestic
remittances
(Money orders)
|
e-MO & iMO
|
9,24,54,809
|
8297.24
|
2
|
International
Remittances
|
International
Financial System,
Western Union and Money
Gram
|
17,46,921
|
3771.94
|
Total
|
9,42,01,730
|
12,069.18
|
||
(i) Domestic money remittance services: The domestic money transfer
facility through post office is called Money Order. This service is available in all post
offices, and is of two categories:
(ii)Electronic
Money Order (eMO): The eMO service introduced in 2008 has since
replaced the manual money order service. It has modernised the transmission
process of money orders by ensuring quick and secure electronic transmission.
Time taken for Transmission is very less and amount is normally paid within a
day of booking. The maximum amount that can be sent in a single eMO is Rs.
5000/- and the money is paid in cash at the door step of the payee. Customers
also have the convenience of tracking the eMO through Indiapost website.
(iii)Instant
Money Order (iMO): DoP also provides an advance money order
service under the brand instant Money Order. This is an instant, web based
money transfer service. Amounts from Rs.1000/- to Rs.50000/- can be remitted
through designated iMO post offices. The remitter has to fill-up prescribed
form at an iMO post office and produce valid photo identity. Money Order
Commission varies based on the amount of remittance, and ranges from Rs. 100/-
to Rs. 120/-. Payee has to visit the post office, fill up the prescribed form
and produce the identity proof to receive the money. Amount recieved can also
be credited to the post office savings account of the payee.
(iv)
International remittance services: The Department is
also offering inward international money transfer, which is done through three
different channels. First is the International Financial System, which is a
post-to-post collaboration. The other two are third party services, in tie up
with Western Union Money Transfer and Moneygram respectively. These channels
are quick and easy ways of transferring personal remittance from abroad to
beneficiaries in India. Together, they make it possible for post office
customers to receive money from nearly 200 countries through identified post
offices. Remittances play an important
role in the local economies in large parts of the country. They contribute
mostly to economic growth and to the livelihoods of less prosperous people, and
are hence significant to the people of rural and inaccessible areas.
(3) PAYMENT OF WAGES AND PENSIONS UNDER
SOCIAL SECURITY SCHEMES THROUGH POST OFFICES
The Department has been entrusted
with the task of disbursing wages and pensions under various Government
sponsored Social Security Schemes like;
·
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS),
·
Indira Gandhi National Old Age Pension Scheme (IGNOAPS),
·
Indira Gandhi National Widow Pension Scheme (IGNWPS),
·
Indira Gandhi National Disability Pension Scheme (IGNDPS) and
·
Indira Gandhi Matritva Sahyog Yojana (IGMSY).
3.1. Disbursement of MGNREGA wages through post offices
The Scheme is operational through 96,735 post
offices as on 31.03.2014. The MGNEREGS payments for the year 2013-14 are as
follows-
Year
|
No. of MGNREGA accounts (in crore)
|
Amount disbursed (Rs in crore)
|
2013-14
|
6.42
|
11,403
|
3.2. Payment of various social security
pension schemes: Department also undertakes payment
of pensions under National Social Assistance Programme (NSAP) of the Ministry
of Rural Development (MoRD). These include:
1.
Indira
Gandhi National Old Age Pension Scheme (IGNOAPS),
2. Indira Gandhi National Widow Pension Scheme
(IGNWPS) and
3. Indira Gandhi National Disability Pension
Scheme (IGNDPS)
These
payments for pension schemes are being effected either through Money Orders or
Post Office Savings Bank (POSB) accounts depending upon the choice of
implementing agency and beneficiaries. During the year 2013-14, Rs. 1494.47
crores have been disbursed through 3.95 crores accounts and more than Rs. 4085
crores have been paid through 5.38 crore
money orders.
3.3. Cash Payment
under Indira Gandhi Matritva Sahyog Yojana (IGMSY Scheme)
IGMSY,
a Conditional Cash Transfer (CCT) Maternity Benefit Scheme for addressing
maternal under-nutrition, has been introduced in 52 identified districts
through the platform of Integrated Child Development Services (ICDS) Scheme. The Scheme envisages providing cash directly
to women during pregnancy and lactation subject to the individuals fulfilling
specific conditions. Postal network in these districts is contributing to the
success of the Scheme by opening POSB accounts for the beneficiaries and
facilitating transfer of cash to them under the Scheme. More than 4.43 lakh such accounts have been
opened so far through which Rs. 70.68 crore have been disbursed.
Through
the above activities the postal network has succeeded in increasing the
purchasing power of the people, thereby giving impetus to economic activities
in the rural and backward areas of the
country.
4. LIFE INSURANCE SCHEME
Department of Posts
provides Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI)
schemes to the citizens. The status of
PLI/RPLI funds and the business procured during the last year are as under:
Year
|
No. of Policies
procured during the year
|
Sum Assured of
policies procured (in Rs. Crore)
|
Aggregate No. of
Policies in force
|
Aggregate Sum Assured
(in Rs. Crore)
|
2013-14
|
10,20,379
|
6850.17
|
2,32,32,236
|
99097.34
|
