Cash transfer: PM says integrate banking system, PO network

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SummaryTo move closer towards the goal of financial inclusion, the banking system perhaps needs to integrate the post-office network, especially in the rural parts of the country.

Prime Minister Manmohan Singh on Monday suggested that the banking system needed to integrate with the post-office network to bring in financial inclusion in the rural areas in order to make the government’s direct cash transfer scheme a success.

Speaking at the conclusion of a ministerial meeting on direct cash transfer — in place of subsidised schemes — which the government intends to introduce from next year, the Prime Minister said financial inclusion and the Aadhaar platform — grant of unique identification numbers to beneficiaries — were the “twin pillars” of the success of the initiative.

“To move closer towards the goal of financial inclusion, the banking system perhaps needs to integrate the post-office network, especially in the rural parts of the country. Ideally, the common man should be able to open a simple bank account on demand if they have an Aadhaar number...for banks, the increase in the number of account holders would be an investment in their own growth,” Manmohan Singh said.

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