Financial Inclusion Current Affairs

IPPB ties up with Bajaj Allianz to offer life insurance products

State-owned India Post Payments Bank (IPPB) and private life insurer Bajaj Allianz Life Insurance Co Ltd (BALIC) have entered into strategic partnership to provide life insurance solutions. It will allow IPPB customers across segments to access wide array of life insurance products and services especially at doorstep. BALIC is the first life insurer to partner with IPPB. This partnership will allow BALIC to leverage IPPB’s last mile reach for building awareness about life insurance.

India Post Payments Bank (IPPB)

IPPB has been set up as Public Limited Company under Department of Posts (DoP) with 100% Government of India (GOI) equity. It was launched on September 1, 2018 in New Delhi. It has begun operations with 650 branches and 3,250 access points across the country. It leverages DoP’s network, resources and reach to make low-cost, quality and simple financial services easily accessible to customers in the country.

It offers basic banking services acceptance of demand deposits, remittance services, internet banking and other specified services. It does not lending services. It can accept deposits up to Rs. 1 lakh per account from individuals and small businesses. It can issue ATM/debit cards but not credit cards. It can also issue other prepaid payment instruments. It can also distribute non-risk sharing simple financial products like mutual funds and insurance products.

Month: Categories: Banking Current Affairs 2018

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DARPAN Project launched to improve financial inclusion of Rural Population

The Union Ministry of Communications has launched DARPAN (The Digital Advancement of Rural Post Office for A New India) to improve quality of service, add value to services and achieve financial inclusion of un-banked rural population.

DARPAN is Information Technology (IT) modernisation project aimed at realising financial inclusion of un-banked rural population. It offers core banking services to the account holders.

DARPAN Project

The project intends to provide low power technology solution to each branch postmaster (BPM). This will enable each of approximately 1.29 lakhs branch post offices (BOs) to improve service delivery.

It aims to increase rural reach of Department of Posts (DoP) and enable BOs to increase traffic of all financial remittances, savings accounts, Rural Postal Life Insurance and Cash Certificates. It also aims to improve mail operations processes by allowing for automated booking and delivery of accountable article.

It will also increase revenue using retail post business and provide third party applications and make disbursements for social security schemes such as MGNREGS.  The project has an outlay of Rs. 1400 crore and is targeted to complete by March, 2018.

IT modernization project

DoP has undertaken an end to end IT modernization project to equip itself with requisite modern tools and technologies. The IT modernization project intends to achieve wider reach to the Indian populace through more customer interaction channels and better customer service.

As part of it, the DoP will carry out business process reengineering across various functional areas and has created To-Be processes that will enable it to achieve these objectives. So far DoP has established 991 ATMs across country, which are interoperable with other banks and common people have been directly benefited with wide network of DoP especially in rural areas.

Month: Categories: India Current Affairs 2018

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