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Banking services in rural areas through post offices: Centre

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Agartala, July 12 (IANS) The central government is committed to provide banking services in rural areas through modern post offices where facilities like ATM, pension account and core banking will be made available, union Communication and IT Minister Ravi Shankar Prasad said here on Sunday.

He said by next month post offices across the country would likely start payment transactions like banks.49024-SOS-ATM

“With the approval of Reserve Bank of India, the payment transactions would be initiated by the post offices from August,” he said after inaugurating the core banking services (CBS) in the Agartala head post offices.

Prasad said the government was committed to provide banking services through modern post offices in rural areas.

The department of posts has a network of around 155,000 post offices in India, out of which, 120,000 are in rural areas.

“In the last one year, 2,590 post offices across the country have been migrated to CBS platform to transmit the money anywhere in India in less than a minute,” Prasad said.

“During this period, 115 ATMs (Automated Teller Machines) under the postal department have been set up in different parts of the country and several hundred ATMs would be established in the coming months.”

The minister said: “To boost the e-commerce, the post offices have taken steps to increase the quick delivery of various goods booked by people electronically using various online retailers.”

“During the last one year, the delivery of post offices across the country has been increased by 37 percent, earning revenue of Rs.500 crore.”

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He said to make the digital India program of the government successful, over 60,000 villages would be linked with the Apollo Hospitals through Optical Fiber Network to provide medical advises to the people of these villages.

Prasad said: “At present, India with a population of 125 crore has 98 crore mobile phone subscribers and 30 crore internet connections.”

“The number of mobile phone users would go to 100 crore within this year and we would increase the internet connections to 50 crore in two years.”

Chief Post Master General (Northeast circle) Smita Kumari said India Post was aiming to transform the department of post into a technology enabled and self-reliant market leader.

“Of the total of 155,000 post offices in the country, the northeast region has 2,920. India Post would also soon launch eight ATMs in the region…,” she said.

Tripura Information Technology Minister Tapan Chakraborty said post offices must be strengthened in the northeast by filling up vacant posts and setting up more post offices in the rural areas.

(IANS)

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Funding Options to Raise Capital for Your Business

There are a number of funding options to raise capital for your business but it is important to find out which method is the best for you.

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Thanks to the internet, it is quite simple now to gain financing from like- minded people through the internet.

Raising funds for the business is not always easy and it is important that others too have faith in your vision as much as you do. However, professional lenders will look through a lot of parameters before they feel confident to trust you with their money. In due time you will have to return the money back to them and they would want to make absolutely sure that your business is up for it. There are a number of funding options to raise capital for your business but it is important to find out which method is the best for you.

  • Business loans: This is the most secure method of obtaining financing and you can get the loan from banks or NBFCs. These are term loans that are mostly utilized for business purpose. The business loan rates is mostly between 12% and 18%, depending on a number of factors. The money has to be repaid with interest by the end of the tenure but more or less the cash is enough to take care of all aspects of your business. Bajaj Finserv has special Flexi loans for business where the tenure is sufficiently long and one can make the repayment according to one’s convenience.

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    In fact, if you successfully pay off the first loan, applying for a similar loan the next year becomes easier. The same can be said of line of credit which may be used in similar fashion. Pixabay
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  • Working capital loan: A working capital loan is also a kind of business loan and it is mainly opted for by the businessmen when they want to tide over a particularly slow time in the business. It is a fact that production is often not the same throughout the year and nor are the sales always high. However, some basic expenses like maintenance of the premises, its rent, paying for the security, paying the salary of the employees, and some other basic expenses will always have to be met. With the help of this loan, these basic expenses can be met and the loan can be repaid when the next peak season arrives and the sales go up again. In fact, if you successfully pay off the first loan, applying for a similar loan the next year becomes easier. The same can be said of line of credit which may be used in similar fashion.
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There is no need to return this money either but you can always show your appreciation towards them with a reward when your business succeeds. Pixabay

Also Read: Vatican May No Longer Allow Bishops To Escape Sanction Who Cover Up Clergy Sex Abuse Cases

If you are looking for business finance from trusted lenders like banks or NBFCs, then you should check out the SME and MSME loans from NBFCs. The loan value can go up to Rs 30 lakhs and the financing can be obtained just by submitting two documents.