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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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Education Loan Repayment: Here’s What You Can Do

Taking an education loan today is easier than it was a few years ago

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Education loans
Education loan is a service that has helped many students over the years to achieve their academic pursuits. Pixabay

Education loan is a service that has helped many students over the years to achieve their academic pursuits. Many times, financial setbacks keep them from achieving their desired goals. For students, who have a fair knowledge of banking norms and have set ambitions for attaining good education, can apply for student loans. If you are also thinking of getting an education loan for higher studies, prefer borrowing it from a reputable bank. While applying for the loan, dig deeper to know about loan repayment, which is an essential part of the process to understand how to repay it back. You can also use an EMI calculator to get this information beforehand.

Taking an education loan today is easier than it was a few years ago. It is primarily due to the government’s increased drive to popularize these loans and increase competition among lenders following the entry into the space of Non-Banking Finance Companies. 

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When you take out a student loan, you should carry out due diligence before filing. As you will have to pay back the amount taken, the calculations you do will have repayment as its major part. An EMI calculator is a helpful tool in such cases.

Education loans
Some banks provide this facility where students can pay a part of their education loan as a consolidated payment and remaining amount in the form of an EMI. Shutterstock

The repayment process for education loans in India varies depending upon the policies of the lender. These loans also work the same way as other loans where you have to pay monthly instalments against the principal amount with a rate of interest. Higher EMI options generally have lower loan repayment tenures, which leads to quick settlements.

Here are a few important things you must know about an education loan:

Moratorium Period

Moratorium period is a gap given to the borrower or a student for the commencement of their loan repayment process. It is applicable only for education loans as students take them are still studying. For example, if a student opts for an education loan, he does not have to start repaying it right away, but after the moratorium period is over. The EMI repayment begins strictly as soon as this period gets over. The moratorium period is usually one year for most banks and varies accordingly as per policies.

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Education Loan EMI

Equated Monthly Instalment (EMI) is the payment you will have to make each month against the principal amount taken from the bank with an interest rate. It is essential while calculating the loan amount. If you want to know the EMI before going to any bank or financial institution, you can use an online EMI calculator. Make sure you borrow the education loan from renowned banks like Axis Bank that ensure quick and easy loan application and disbursal process. 

Education loans
The repayment process for education loans in India varies depending upon the policies of the lender. Pixabay

Student Loan Partial Payment

Some banks provide this facility where students can pay a part of their loan as a consolidated payment and remaining amount in the form of an EMI. Although the term can be fixed as per bank norms and your repayment capacity, it is essential to know each detail beforehand. EMI calculators are a free tool available online, which offers you to make various combinations for getting the desired monthly repayment amount. It gives you a decent idea of your required principal amount, loan tenure and interest rate for the same. 

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Prepayment

There are a few instances where students manage to secure a full amount for loan repayment before its tenure. The prepayment option is not available during the moratorium period. You can check in with your bank from where you have taken the loan to know more about the prepayment option and how you can utilize it.

Also Read- Is France Going to Witness Its Deepest Economic Downturn? Find it Out Here

Loan Extension

Based on affordability, you can also choose to extend the loan tenure to lessen the monthly instalments. Calculate it online on an EMI calculator to have an idea before you take the case forward with your bank. Note here that if you increase the EMI amount, loan tenure will grow, thereby increasing the overall principal amount. 

Therefore, it is advisable to clear the due loan amount on time to avoid overpaying.

[ Disclaimer: The pictures used in the article are supplied by the author, NewsGram has no intention of infringing copyrights. ]

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Facebook gets Sued by Mobile Banking App over Similar Logos

Facebook's Libra cryptocurrency project cuffs another obstruction

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Facebook
Facebook's Libra cryptocurrency project logos has hit another blockade. Pixabay

Facebook Libra cryptocurrency project has hit another roadblock, as a mobile banking app has sued its Calibra subsidiary over similar logos.

Interestingly, both the logos were designed by San Francisco-based branding firm ‘Character’, which has also been named as a defendant in the lawsuit.

According to the lawsuit filed by a mobile banking firm named Current, Calibra’s logo “is not only confusingly similar to, but virtually identical to the Current Marks”.

It’s still unclear how it happened, but Current had filed an application for its logo on June 26, a few days after Calibra was unveiled, Engadget reported on Sunday quoting CoinDesk.

Facebook
Apart from Facebook, several companies such as Visa, Mastercard and eBay pulled out of the Libra cryptocurrency. Pixabay

Calibra was introduced as the division that would oversee Facebook’s cryptocurrency plans, including the development of a digital wallet.

Meanwhile, several companies such as Visa, Mastercard and eBay pulled out of the Libra cryptocurrency project ahead of their first meeting in Geneva on October 14.

ALSO READ: Venice Presents Plan to Tackle Effects of Climate Change

PayPal was the first to announce its withdrawal from the Libra Association, the 28-member non-profit organisation formed by the social networking giant for the global roll out of its digital currency Libra in 2020. (IANS)

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IoT, AI to Create 28 Lakh Jobs in Rural India Over Decade: BIF

“These applications will help create smart farms and will bring lot more predictability in agriculture output which in turn will help improve incomes and lives of farmers,” it said

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Transport
IoT has now become an integral part for human beings.

Internet of Things (IoT) and Artificial Intelligence (AI) based applications will create over 28 lakh jobs in rural India over a period of 8 to 10 years with an annual value of Rs 60,000 crore, a study by Broadband India Forum (BIF) has shown.

Out of the 28 lakh jobs, at least 21 lakh jobs will be created for the agriculture sector and the other 7 lakh jobs in the rural healthcare sector, said the study done by BIF in consultation with the Electronics Skill Council of India, the Agriculture Skill Council and the Healthcare Sector Skill Council.

“These jobs will be created over next 8-10 years and the pace and quantity of job creation is likely to further increase post 2021-22 once 5G technology is implemented,” it said.

artificial intelligence, nobel prize
“Artificial intelligence is now one of the fastest-growing areas in all of science and one of the most talked-about topics in society.” VOA

The study highlighted that key applications such as satellite mapping, electronic market place, livestock traceability, climate sensing stations, product traceability, and agriculture drones have the potential to transform the agriculture sector.

Also Read: Reliance Jio Announces ‘Digital Udaan’ Initiative for New Internet Users

“These applications will help create smart farms and will bring lot more predictability in agriculture output which in turn will help improve incomes and lives of farmers,” it said. (IANS)