Economy & Policy

Leveraging Post offices

India Budget 2013
Updated: Feb 28, 2013 02:32:16 PM UTC

Good old post offices, which have undoubtedly the best reach to rural India have received a modernization boost. FM has announced that POs will become part of the core banking solution and offer real time banking services. He has allocated almost Rs 5000 cr to undertake this ambitious plan. This is crucial because one of the big criticisms of the direct cash transfer scheme is that rural folk do not have access to bank accounts. It is clear that the government is looking to leverage the wide network of POs to enable people (particularly in rural areas) to have a bank account. This will form the basis for an effective direct cash transfer scheme.

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