Banking on India Post

In India, postal financial services go hand in hand with government measures to promote financial inclusion. This collaboration is helping to ensure that poor people are not excluded from basic products, such as savings accounts. Covering the last mile is a major challenge of governmental engagement in poverty alleviation. Financial exclusion is not only a symptom of poverty but can also be its cause. As those with no access to a bank account cannot develop savings, they become vulnerable to unofficial moneylenders and can often not receive regular wages or pension payments. The goods news is that Posts can offer an effective solution to the unbanked population, as the example of India shows. Read the rest of the article by Monika Kugemann (published in Union Postale). Also available in French language (aussi disponible en français).

Subscribe to our print magazine “Union Postale”, the UPU’s flagship magazine, which will cover extensively financial inclusion issues over the year 2010.

Related news:  Postal bank plan take-off with bids for feasibility study

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