Postal dept to join hands with banks for pre-paid cash cards

The Department of Post will collaborate with leading banks -- IDBI, HSBC and ICICI Bank--to provide cards (on the line of credit cards) to rural people in order to facilitate non-cash transactions for purchase of products and services. The card will come with pre-determined amount in rupees and could be operated at merchant locations, ATMs and designated post offices subject to approval by the Reserve Bank of India.  Disclosing his Department's 100-day agenda, Telecom and IT Minister Kapil Sibal on Saturday said his ministry will offer 'White label Pre-paid Cards' to the rural people. The objective of launching this card is to leverage cash handling expertise and the network of India Post in order to facilitate non-cash based transactions for purchase of products and services at retail outlets across the country and to earn revenue through value added service.