Financial inclusion through India post network

Abstract

After more than 65 years of Independence, Financial Inclusion in India has still remained an unsolved problem, which grows big consistently unless a uniform dedicated mechanism with access to all required resources is devised. Our paper attempts to describe a comprehensive solution that is based on utilizing existing resources and creating the maximum and widespread impact. We propose to utilize the large network of post offices in India to spearhead the process of financial inclusion by setting up Bank Counters at every Post Office to enable easy and convenient banking transactions in almost every villages. We also propose setting up of Audio- Video ATMs and Information Display Devices at Post Offices for these to become the one financial hub of multiple villages. Our research recommendations are a result of extensive studies conducted through field visits and communication with people involved in higher domains of policy making.