Banking Revolution: India Post Delivers Rs 412 Crore Cash Across the Country

Though one may not expect any revolution in the banking industry due to coronavirus crisis, there is one thing that has made it to the positive news headlines.

The Indian post offices have set off a banking revolution by delivering Rs. 412 crores across the country. The deliveries were made over 21 lakh transactions through a network of 1.36 lakh post offices between March 24 and April 23. Most of these deliveries were made in rural and unbanked areas.

According to Pradipta Kumar Bisoi, Secretary, Department of Posts, all this was possible due to the AePS facility of India Post Payments Bank (IPPB). Through this facility, one can easily withdraw money at the doorstep even if they have an account in different banks.

As per reports, over 1 lakh AePS transactions are being made every day. A few days back, India Post also recorded transactions worth Rs 2,680 crore in 3 days. The company also claimed to have delivered 1,50,779 speed post, registered letters, parcels delivered and money orders in total.

What is AePS facility?

AePS or Aadhaar Enabled Payment System is a bank model that allows online interoperable financial transactions through micro ATM of any bank using the Aadhaar authentication.

In simple words, AePS allows a person to perform basic banking services such as cash withdrawals and balance enquiry with any bank account, given that it is linked with their Aadhaar card.

India Post Payments Bank (IPPB) rolled out this service back in 2019 to help common people get an easily accessible, affordable and trusted bank

To avail this doorstep service, you need to have an account with the Indian post. After that, you just need to call the local post office and ask them to deliver cash at the doorstep.

Not Just Money

The vast network of the India Post is turning out to be a great saviour in the times of coronavirus outbreak. Apart from delivering cash and allowing people to use banking services, India Post is also delivering essential items and medicines to the remote corners of the country.

For now, around 2 lakh postmen and postwomen are working in this doorstep facility. People are also making bill payments like electricity, water or DTH, etc., through IPPB app or the postmen.

The Silent Warrior

With all these services and facilities, India Post has become a silent warrior to combat the COVID-19 crisis.

The Department of Posts has also designed a special road map of more than 500 kilometers to ensure faster delivery of essential items. The map comprises of 22 long routes touching 75 cities across the country.

Talking to the media, Pradipta Kumar Bisoi said, “The delivery of medicines and medical equipments including COVID-19 testing kits is being given priority.”

“We have made special mail arrangements to ensure timely delivery. Medicines are also being delivered through cold-chain. In fact, deliveries are being done even at night and on holidays.” he added.

The department is using its own fleet of vans for the delivery of essential items including medicines, coronavirus testing kits, masks, sanitizers, PPEs, medical equipment including ventilators and others.

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