It is understood that the Post Offices throughout the country will be entrusted with Banking and Insurance services also in future. A blue print has been made by the Department of Posts for this purpose. ‘Besides mail service, post offices in the country have broadly confined their business to offer financial services like savings bank, postal life insurance, pension payments and money transfer services’ stated a postal source. Now it will be extended to real banking and Insurance business. Amendments to the Indian Post Office Act of 1898 will be made for this purpose as per government sources.
The Department of Posts has the widest reach in the country, each and every nook and corner. Due to its below cost services and the undue favour shown to the private courier services by the Government, the profit of the DoP has been dwindling. But Postal Services can not be closed as it is the main communications of the common people of India.
These are welcome proposals.