Details of the saving schemes, remittances, life insurances and social disbursements

                             AS ANSWERED IN RAJYA SABHA

(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