Postal Financial Services. India Post

Transcription

1 Postal Financial Services India Post

2 India Post : a socially committed, technology driven, professionally managed & forward looking Organization

3 Serving the nation for more than 150 years, and enjoying an image of reliability and trustworthiness. Total number of Post Offices 155,035 Urban Post Offices 15,862 Rural Post Offices 139,173 Post Offices offering Savings Bank 154,038 Post Offices providing domestic 155,035 money remittance service Post Offices offering Insurance More than 150,000 Area served by a Post Office Average population served by a Post Office Sq. Km. 7,174

4 Banking Services: Small Savings Schemes Money Remittance Services: Electronic Money Order (emo) Instant Money Order (imo) International Money Transfer Service (IMTS) Insurance Services: Postal Life Insurance (PLI) Rural Postal Life Insurance (RPLI) Wage Payment (Zero Balance Accounts) Distributing other financial /white label products.

5 Savings Bank established 1882 First Act passed on Savings Bank Government Savings Bank Act, 1873 Subsequent Acts Government Savings Certificate Act 1959, Public Provident Fund Act 1968, etc. Number of Saving Schemes 8 Number of Accounts 205 million Outstanding Balance Rs trillion Number of Post Offices 154,038 providing Saving Bank facilities

6 Rate of Growth 4.11% 6.62% 3.38% % % 5.87% 0.43% % NUMBER OF ACCOUNTS IN MILLIONS

7 Certificates Issued in millions Certificates Discharge in millions

8 SAVINGS CERTIFICATE Amount mobilized & paid Amount Mobilised in Rs. Billions Amount Paid in Rs. Billions

9 IN Rs. TRILLION

10 Target: Savings Accounts 220 million Upto September million March million - March million - March 2012

11 Money Order remits money within India with a maximum limit of Rs. 5000/- One of the oldest services of India Post. In 2008, operationalized on technological platform and rechristened as Electronic Money Order (emo). New system facilitates remittance electronically to the nearest connected Post Offices. Imparts quickness in delivery. Facility of online tracking of emo and SMS acknowledgement avaialble. On an average, around 100 million MOs are booked and Rs. 70 billion are remitted every year.

12 emo System WAN or Broadband www Web Interface PO Booking & Transmitting emo Central Server SMS SMS intimation intimation Directorate User (MIS) Circle User (MIS) Region User (MIS) Division User (emo office registration, Bulk Remitter/ Payee creation, & MIS) PO Receiving & Paying emo WAN WAN or or Broadband Broadband Bulk Remitter/ Payee (MIS, Data & Tracking) Individual Customer (Tracking)

13 An online domestic money remittance service introduced in Intended for a market clientele requiring instant money remittance. Remittance limit from Rs. 1000/- up to Rs. 50,000/- in one transaction. Tariff Rs. 150 to Rs. 330/-. More than 2100 Post Offices offering imo.

14 imo System INTERNET NIC HQ Firewall Layer WEB SERVER & DATABASE BOOKING PO SENDER RECEIVER PAYING PO

15 Year Transactions Remitted amount (Rs. in million) Total

16 Western Union IMTS available from 8,511 Post Offices. Eurogiro inward/outward money remittance service. UPU International Financial Service (IFS) MoneyGram IMTS of to be launched shortly.

17 Year Number of transactions (in million) Principal Amount (Rs. in billion)

18 Mission: Postal Life Insurance To provide insurance cover to people of rural India. To cover risk and provide financial security through appropriate insurance products. To ensure trust and loyalty of customers. First million by PLI Day( ) - Micro insurance. 25 million March million - March million - March 2012

19 NUMBER OF POLICIES IN MILLIONS

20 PLI /RPLI FUND Rs. in BILLIONS

21 15.23% 13.82% Rate of Growth 12.95% 23.89% 25.19% % % % VALUE OF PLI/RPLI BUSINESS Rs. in BILLIONS

22 NREGS Savings Account Micro Saving Remittance Insurance Micro Credit 8 Schemes emo Micro Insurance SHG NABARD SBI Asset Products Access to credit on the basis of PO Account PLI OIC General Insurance

23 NREGS I launched in 2006 Objective To enhance livelihood security in rural areas by providing at least 100 days of guaranteed wage employment in a financial year to every household in rural areas. Coverage All districts having rural population NREGS Accounts in India (Bank + Post million Office) NREGS Accounts with Post Offices million (46.13%) Number of Post Offices involved in 93,301 NREGS work Amount disbursed so far Rs billion India Post disbursing micro-credit to 3000 Self Help Group (SHGs) in Tamil Nadu Number of Post Offices 1963 India Post started selling Assets & 2007 Liability products of State Bank of India in Number of Post Offices 5226 Since 2006 in association with National Bank for Agriculture and Rural Development (NABARD)

24 Other financial products Retailing Mutual Fund products of Unit Trust of India. Distributing Pension products of ICICI Prudential. Vending Non-life Insurance products of Oriental Insurance Company.

25 Future Plans Payment Gateway Virtual Post Office Pre-paid Card Internet transactions Postal Banking

26 At present, more than 12,000 Post Offices are computerized and 80,000 more will be covered in next few years. India Post uses separate software platforms for different products. A project underway to provide electronic connectivity to all POs by Introduction of integrated technology platform by To provide Core Banking Solution in 4000 Post Offices by 2012 covering all savings schemes. WAN, Data Center and hardware in place at selected locations for CBS.

27 Micro Insurance

28 Special commendation award for effectively utilizing its network to promote financial inclusion in smaller places.

29 Thank You