POST BANK : FINANCIAL INCLUSION

India Post has seriously decided to enter into total payment Banking business as per the requirements under RBI guideline.The Banking business under conventional Postal system where savings Bank accounts are opened for customers will stay back along with some other 7/8 products they offer to public. These will not migrate and will be available in approximately 25000 India Post branches throughout the country.

The new entity will come out shortly which will mainly cater the needs of  large chunk of un-banked population under the banner of 'Financial Inclusion' the dream project the Prime Minister of India. But truly speaking, this so called dream project of Prime Minister is not new.Many of you may be aware or not, this Financial Inclusion was first discussed in 31.07.2005 in a meeting headed by the than deputy governor of RBI under Financial Sector Structure Plan jointly with State Bank of India and the State Bank of India was given the responsibility to start with the Plan of Financial Inclusion. Accordingly, State Bank of India came with an agreement with "A little world" for technical support and with 'Zero Mass Foundation', NGO as its first Pan India Business Correspondent.State Bank of India made an initial State wise survey for  population who are excluded of all Banking facilities and they shortlisted three States to start with the project. Those are undivided erstwhile Andhra Pradesh, Himachal Pradesh and Mizoram of which Mizoram was found lowest average in percentage among this three States where least population are covered under any type of  Banking facilities. 

So, the State Bank of India jointly with A Little World and Zero Mass Foundation opened the Financial Inclusion project first in India at a place called 'Seling' about 21 km from Aizawl, the capital city of Mizoram on 7th November 2006. The author of this blog is proud to be part with this project on the day of opening and after. Thus it is the State Bank of India, and not the Prime Minister of India has first started the Financial Inclusion in the country.

Off course, we must agree that due to appeal from the Prime Minister the project has been boosted up and received more mileage.Now, if India Post enters in the arena fully equipped with technology and with its strong 25000+ branch base in the country, the dream  what State Bank of India authorities saw long back, may achieve full circle.