Postal Network Spread Across the Country to be Used for Increasing Access to Formal Financial System
The Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16, here today, said that the government is committed to increasing access of the people to the formal financial system. In this context, Government proposes to utilize the vast Postal network with nearly 1,54,000 points of presence spread across the villages of the country . The Minister hoped that the Postal Department will make its proposed Payments Bank venture successful so that it contributes further to the Pradhan Mantri Jan Dhan Yojana.
Shri Jaitley said that to bring parity in regulation of Non-Banking Financial Companies (NBFCs) with other financial institutions in matters relating to recovery, it is proposed that NBFCs registered with RBI and having asset size of Rs. 500 crore and above will b considered for notifications as ‘Financial Institution’ In terms of the SARFAESI Act, 2002.
Related to Your Search:
- New Post Offices will be opened in this fiscal-Manoj Sinha
- PM to launch India Post Payments Bank on Saturday, 1st September
- Minimum speed of BSNL Landline Broadband will be 2Mbps from 1.9.2015
- Cabinet approves Revised Cost Estimate for setting up of India Post Payments Bank
- India Post Payments Bank will be a game changer for financial inclusion – Manoj Sinha
- Cabinet approves a New Scheme for promotion of Rural Housing in the country
- Over 69 lacs subscribers join Atal Pension Yojana with contribution of Rs. 2690 crores
- Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode
- NLCC access to CRA system to view and Print Statement to Transaction and E-PRAN