Monday, February 27, 2017

India Post Bank is likely to tap World War-era tech to garner business

  • Three things India Post will do to change the banking landscape
  • Postman to deliver cash at homes
  • Phone cell-based remittances and bill payments

It is back to basics for India Post Payments Bank (IPPB). It is tapping into World War-era phone-based technology and its vast network of postman to target a customer base of around 850 million, which either have no access to telephony or still depend on feature phones. 

“Banks and payments banks are two different things.Over 90% households have access to bank accounts. So, we are targeting remittances and bill payments,“ said an officer at the bank, which launched operations a month ago, offering 5.5% interest on deposits. 

Unlike full-fledged banks, payments banks can accept deposits up to Rs 1lakh and have to mandatorily park 75% of funds in government bonds.They are not allowed to offer loans either. 

With its network of over 1.5 post offices, IPPB is seen to be a major competitor for banks, especially in rural areas and small towns. The bank, floated by India Post, is running behind schedule as it is yet to tie up with a technology vendor for its banking services. But it is still targeting 2 crore customers in the first year with business of around Rs 450 crore.By the fifth year, the bank hopes to have eight crore customers with a business of Rs 2,500 crore. 

A key focus area for IPPB is one billion bills that are paid every month, with the average ticket size being Rs 300. This is where Giro -an electronic fund transfer tool used in Europe and Japan -will come in handy . Apart from helping customers settle bills, a worker in a city can add his wife or mother as a beneficiary and transfer funds into their accounts by issuing instructions to a call centre. The wife or the mother will then use Aadhaar based authentication to withdraw funds either at a post office or ask a postman to deliver cash at home, for which a small fee may be levied. 

IPPB is also in talks with the rural development ministry for accessing details of NREGA beneficiaries and pensioners getting funds under the National Social Assistance Programme.Again, idea is to make the payments Aadhaar-based to minimise leakages.

Source : The Economic Times

Thursday, February 3, 2011

How can I get and use albums ?

 How can I get and use albums ?
        Albums are available at leading Book and Stationery stores   and   with   philatelists.   Pasting   stamps ruins them. Use paper hinges or "havids" to place them in a album. Plastic strip albums are now available and are ideal to use for beginners.  Handle  stamps   with  pincers to avoid smudging or damaging them in any way with your fingers.

Where can I get stamps ?

Where can I get stamps
Mint   stamps  are available at Philatelic Bureaux and Counters in the designated post   offices, details of which will be available at your nearest Head Post Office. You may   like to get. in touch with local philatelists who   can   perhaps   guide   your   interest.   Make  pen - friends  both in the country and abroad -you will  be surprised at the number of people who share your interest.

How do I collect used stamps ?

How do I collect used stamps ?
Do not  throw away letters that you receive. You can collect used up stamps through them. These can be detached delicately from the postal articles.   Rinse   in   a   shallow dish of water, using your hands or a soft brush.   Carefully   dry   them  in a dark place as  the ultra violet rays of sunlight can damage the colours.  It is also   valuable   to   retain  stamps   along with the envelopes on which they are pasted as this authenticates their use.