The postal department in association with some banks is planning to introduce prepaid credit cards to rural India which would enable them to purchase goods and service without having to carry cash. The lenders which have partnered with the postal department include IDBI Bank, HSBC Bank and ICICI Bank.
The card has been named 'White label Pre-paid Card' will bear cash limit preassigned to it and can be used at point of sale (POS) terminals, ATMs and selected post offices with proper approval from Reserve Bank of India.
Speaking on the 100 day agenda, Telecom and IT Minister Kapil Sibal has said: "The department during the current fiscal year will introduce pre-paid parcel boxes for domestic parcels for one kg, 2.5 kg and five kg."
"The boxes will be sold through over 800 post offices across the country," he added.
He also added that the upgradation of 15 speed post centers will be completed by 31st March this year.