associate sponsors

Havells
HDFC

Digital transactions: Aadhaar-based cashless payment for postal services under study

Hyderabad: The India Post is examining an Aadhaar-based cashless payment mode for postal services to facilitate digital transactions, a senior official said on Monday.

“If you give your credit card, debit card or Aadhaar number in a post office, your bank link will come when your Aadhaar number is entered,” B V Sudhakar, secretary, Department of Posts, told reporters.

“Suppose, you have to make a registered post with Rs 50 or Rs 20. That amount will be debited to you and credited to us. You don’t have to carry cash. This is being worked out to facilitate digital payments...It will be expanded all over India,” he said.

A software had been developed for the purpose by the AP Technology Services and successfully tested at the General Post Office in Hyderabad, he said.

Reuters

Reuters

“We will test this on a pilot basis in some select post offices,” Sudhakar said.

The Department of Posts is examining a proposal to allow installation of ATMs by any bank on its premises. “The proposal we are examining is, anybody can come and set up ATMs in the departmental post offices. They should pay us on the basis of transactions. It (the proposal) would be out approximately in one month,” he said.

The ATMs can be started in the 4,500 departmental buildings and the India Post Payment Bank (IPPB) was also working on having tie-up with others, he said.

The IPPB, started with an initial capital of Rs 800 crore, has so far opened two branches at Ranchi and Raipur.

Sudhakar said 650 branches of IPPB would be opened with one being set up in every district by September 2017. The IPPB would primarily focus on financial inclusion, Direct Benefit Transfer (DBT) and third party products.

The IPPB would emphasise “doorstep banking,” he said while expressing hope that the payment bank would be a “game-changer in rural economy.”

The Department of Posts had a revenue of Rs 13,000 crore and an expenditure of Rs 19,000 crore in 2015—16. The gap in expenditure and revenue is around Rs 6,000 crore. He said 978 stand—alone ATMs have been installed at different post offices in the country and they have been made inter—operable from 31 December, 2016.


Updated Date: Apr 25, 2017 08:14 AM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See