INDIAN POSTAL BANK - 15 Mints Seminar Notes

• India Post is a government-operated postal system in India, part of the Department of Post under the Ministry of Communications. Generally known as the Post Office, it is the most widely distributed postal system in the world.
• Warren Hastings had taken initiative under East India Company to start the Postal Service in the country in 1766. 
• It was initially established under the name "Company Mail". 
• It was later modified into a service under the Crown in 1854 by Lord Dalhousie. 
• Dalhousiee introduced uniform postage rates (universal service) and helped to pass the India Post Office Act 1854 which significantly improved upon 1837 Post Office act which had introduced regular post offices in India.
• It created the position Director General of Post for the whole country.
  
• It is involved in delivering mail (post), remitting money by money orders, accepting deposits under Small Savings Schemes, providing life insurance coverage under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) and providing retail services like bill collection, sale of forms, etc. 
• The DoP also acts as an agent for the Indian government in discharging other services for citizens such as old age pension payments and Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) wage disbursement. 
• With 154,965 post offices (as on March 2017), India Post is the widest postal network in the world.
  
• The country has been divided into 23 postal circles, each circle headed by a Chief Postmaster General. 
• Each circle is divided into regions, headed by a Postmaster General and comprising field units known as Divisions. 
• These divisions are further divided into subdivisions.
• In addition to the 23 circles, there is a base circle to provide postal services to the Armed Forces of India headed by a Director General.
• One of the highest post offices in the world is in Hikkim, Himachal Pradesh operated by India Post at an altitude of 14,567 ft (4,440 m).
  

Who is the owner of India Post?

India Post is a government-operated postal system in India, part of the Department of Post under the Ministry of Communications.

Which is the first post office in India?

The East India company opened its first post office in 1727. In 1774 Calcutta GPO was established. The site where the GPO is now located was actually the site of the first Fort William. An alley beside the post office was the site of the guardhouse that housed the infamous 1756 Black Hole of Calcutta (1756).

What is the old name of India Post?

Company Mail

It was initially established under the name "Company Mail". It was later modified into a service under the Crown in 1854 by Lord Dalhousie.

Who is the father of Indian postal stamp?

the  answer is Robert Clive. The modern postal system, a preferred facilitator of communication in British India, was established in India by Lord Clive in 1766 and it was further developed by Warren Hastings in 1774.

How many types of Indian post are there?

All postal articles whose contents are in the nature of message can be classified as mail which includes Letters, Postcards, Inland Letter Cards, Packets, Ordinary, Registered, Insured, Value Payable articles and Speed Post. Mail is further classified as first class and second class mail.

Who is the chairman of India Post?

Shri Vineet Pandey is currently Secretary (Posts) and Chairman, Postal Services Board. He is an Officer of 1986 batch of the Indian Postal Service and has more than 33 years of experience in Postal Service.

What are the 2 types of postal services?

The two types of postal services are Regular mail and Express mail.

What are the 3 types of post office?

It is basically classified into 3 types, namely – Head Post office, Sub Post Office and Branch Post Office.

Which is best scheme in Post Office?

Well-known schemes are Public Provident Fund (PPF), Kisan Vikas Patra and Sukanya Samriddhi Yojanas. The government has made these small savings schemes available via post offices to provide a safe investment avenue for the public by providing good returns and keeping their investments safe

What are the schemes available in Post Office?

Post Office Savings Account(SB)

National Savings Recurring Deposit Account(RD)

National Savings Time Deposit Account(TD)

National Savings Monthly Income Account(MIS)

Senior Citizens Savings Scheme Account(SCSS)

Public Provident Fund Account(PPF) 

Sukanya Samriddhi Account(SSA)

Presented by,

Swarna

Banking Student

Magme Medal @ Hosur

FINANCIAL INCLUSION - 15 Mints Seminar Notes

DEFINITION:

Financial inclusion means that individuals and businesses have access to use and afford financial products and services that meet their needs- transaction, payments, savings, credit and insurance delivered in a responsible and sustainable way.financial inclusion is an important priority of the government.

OBJECTIVE:

Extend financial services to the large hitherto un-served population of the country to unlock the growth potential.

FINANCIAL INCLUSION BY RBI:

• Aim is to provide access to formal financial services in an affordable manner, broadening and deepening financial inclusion and promoting financial literacy and consumer protection while the reach of the banks.
• Amongst the ranks of the underserved got a boost through the PMJDY (Pradhan mantri Jan dhan yojana).

FINANCIAL INCLUSION SCHEMES IN INDIA:

PMJDY- pradhana mantri Jan dhan yojana.

APY- atal pension Yojana.

PMVVY- Pradhan mantri vaya vandhana yojana.

Stand up India scheme.

PMMY- Pradhan mantri mudra yojana.

PMSBY- Pradhan mantri suraksha bima yojana.

Sukanya samridhi yojana.

Jeevan suraksha bandhana yojana.

FOUR PILLARS OF FINANCIAL INCLUSION:

• Technology.
  
• Women inclusion.
  
• Regulation.
  
• Financial literacy.

TOOLS OF FINANCIAL INCLUSION:

Different studies and experts opined that financial inclusion requires provision of access to a range of financial products that goes beyond,

# Micro-credit to include savings .

# Micro-insurance .

# Payment facilities.

# Remittances.

# Money transfer.

# Providing quality financial services at affordable prices.

FACTOR AFFECTING FINANCIAL INCLUSION:

# High socio demographics.

# Political factors in the absence of economical development.

# High social .

# Technological and economical factors in the absence of political development,

# Political and economical factors in the absence of social and technological development.

WHY FINANCIAL INCLUSION NEEDED IN INDIA?

It helps in overall economic development of underprivileged population.In India financial inclusion is needed for upliftment of the poor and disadvantaged people by providing them the modified financial products and services .

IMPACTS OF FINANCIAL INCLUSION:

• Financial inclusion can encourage financial stability by increasing the intermediate process between saving and investment.
• At macro-level , financial inclusion attracts greater participation from various segments of the economy in to the formal financial system.
  

BARRIERS OF FINANCIAL INCLUSION:

• Poverty.
  
• Illiteracy.
  
• Lack of access to financial services.

FINANCIAL INCLUSION 2023:

2021- 53.9%

2022- 56.4% ( increased by 2.5%)

2023- IT will decrease by 2.3% ( expected)

Every year March month SBI will release the financial inclusion percentage. According to that experts says that there will be a downfall of 2.3%.

DID YOU KNOW:

When was the policy of financial inclusion first introduced in India by RBI?

2010-2013.

Who 1st introduced the concept of financial inclusion  in India?

In pondicherry by Dr.k.c.chakra borthy,the chairman of Indian Bank .

In which year the concept of financial inclusion introduced?

2005.

Which is the first village that started financial inclusion?

Magalam village is the first village in India where all household were provided Banking facilities.

Presented by

Swarna

Banking Student 

Magme Medal, Hosur

NEFT, RTGS, ECS CREDIT, ECS DEBIT - 15 Mints Seminar Notes

National Electronic Funds Transfer (NEFT)

• National Electronic Funds Transfer (NEFT) is a mode of online funds transfer that is introduced by the Reserve Bank of India (RBI). 
• It quickly transfers money between banks throughout India. A bank branch must be NEFT-enabled for a customer to be able to transfer the funds to another party.
  
• In December 2019, the Reserve Bank of India (RBI) has introduced the all-new NEFT payment system that is active and up 24×7 and 365 days a year. 
• The objective behind this new clearance system is to promote digital transactions and the global integration of Indian financial markets.
  
• You can place an NEFT request at any point in time. 
• The NEFT request will be sent to a queue. All the NEFT requests in the queue will be cleared once every hour.
• Real-time gross settlements are a process that is used for high-value inter-bank transactions. These transactions typically need instant and full clearing and are generally done by the central bank of the country.

RTGS

• RTGS reduces the overall risk as these settlements are made almost instantly throughout the day. 
• It is not like National Electronic Funds Transfer (NEFT) in which settlements are made in batches. Hence, the charges involved in the real-time gross transfer of funds may incur higher costs to customers.
  
• All that a customer needs to furnish to transfer funds through real-time gross settlement is the duly filled form which contains the information of the account from which the funds have to be debited from, the account to which the funds have to be credited, and message (if any).

ECS credit

• ECS credit is used for allowing credit to a large number of beneficiaries by raising a single debit to the customer’s account, such as dividend, interest or salary payment.
• The end beneficiary need not make frequent visit to his bank for depositing the physical paper instruments.
• Delay in the realisation of proceeds, which used to happen in the receipt of the paper instrument, is eliminated.
• The ECS user helps to save on administrative machinery for printing, dispatch and reconciliation.

ECS debit

• ECS debit is used for raising debits to a number of accounts of consumers or account holders for affording a single credit to a particular institution, in cases such as utility payments like electricity bills and telephone bills.

Trouble-free: 

• Eliminates the need to go to the collection centres or banks and the need to stand in long queues for payment.
  

Easy to track: 

• Customers are not required to track down payments by last dates. The ECS users would monitor the debts. 
• The ECS user saves on administrative machinery for collecting the cheques by monitoring their realisation and reconciliation.
  

Presented by

Arvind R

CAT Student

MAGME MEDAL, Hosur