India 2018

104 India 2018
in all CBS post offices for all post office savings account holders. Department of
Posts has signed Memorandum of Understanding (MoU) with National
Insurance Company (NIC) and Life Insurance Corporation of India (LIC) for
PMSBY and PMJJBY respectively. Atal Pension Yojna (APY) was launched in
all CBS head post offices from 2015.
Core Banking Solution
The Core Banking Solution (CBS) project is bringing in facilities of ATM banking,
internet banking and mobile banking to post offices savings bank (POSB)
customers 24X7 along with the facilities of National Electronic Fund Transfer
(NEFT) and Real Time Gross Settlement (RTGS).
India Post Payments Bank
Reserve Bank of India launched its differential banking policy for more focused
banking, to boost financial inclusion and promote convenience of digital banking.
In-principal approval was given in 2015 for setting up payment banks.
Accordingly India Post Payments Bank (IPPB) was incorporated as a Public
Limited Company in 2016.
In January 2017, IPPB launched two branches in Raipur and Ranchi. .
Rural Business
Department of Posts has a predominantly rural network. Over the years,
Financial inclusion has emerged as the main focus of the activities of the Rural
Business RB Division. One of the tasks assigned to the the RB Division is to
bring people living in the rural areas into the ambit of formal financial services,
through opening of post office savings bank accounts and disbursement of social
security scheme payments.
Postal Life Insurance and Rural Postal Life Insurance
Postal Life Insurance (PLI) was introduced in 1884, as a welfare scheme for the
benefit of postal employees and later extended to the employees of telegraph
department in 1888. It now covers employees of central and state governments,
central and state public sector undertakings, universities, government aided
educational institutions, nationalized banks and local bodies. PLI also extends
the facility of insurance to defence services and para-military forces. Life cover
through PLI is also extended to employees of scheduled commercial banks,
credit co-operative societies, joint ventures having a minimum 10 per cent stake
of central/state govt/PSUs/banks etc., universities/educational institutions
affiliated to University Grants Commission/Central Board of Secondary
Education/All India Council of Technical Education/Medical Council of India.
It is the oldest life insurer in this country.
Starting with upper insurance limit of ` 4,000/-, maximum sum assured
is now ` 50 lakhs (Rupees fifty lakhs) for all schemes. Apart from single insurance
policies, also manages a Group Insurance Scheme for the Extra Departmental
Employees (Gramin Dak Sevaks) of the Department of Posts.