Postal network to be used for increasing access to formal financial system

Asserting that the government is committed to increasing access of the people to the formal financial system, Finance Minister Arun Jaitely said the government proposes to utilize the vast postal network with nearly 1,54,000 points of presence spread across the villages of the country.

The Finance Minister hoped that the Postal Department will make its proposed payments bank venture successful so that it contributes further to the Pradhan Mantri Jan Dhan Yojana.

"To bring parity in regulation of Non-Banking Financial Companies (NBFCs) with other financial institutions in matters relating to recovery," said Jaitley.

Jaitley proposed that NBFCs registered with RBI and having asset size of Rs. 500 crore and above will b considered for notifications as 'Financial Institution' in terms of the SARFAESI Act, 2002.