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मंगलवार, 30 अप्रैल 2013
शुक्रवार, 26 अप्रैल 2013
Government plans to open all-women post offices in rural areas
The government is planning to open all-women post offices in rural areas where working women are available.
"We want to open such post offices in other parts of the country as well. The Department (of Posts) decides where women are available and doing jobs. If you go in to rural areas, you would not be able to find a (big) number. We will start with urban centres and then slowly move to other areas," Telecom and IT Minister Kapil Sibal told PTI.
All-women post offices are the first of their kind in the world as they are completely operated and managed by women employees.
Till date, two All Women POs (post offices) have been inaugurated by Mr Sibal in Delhi at Shastri Bhawan and Delhi University.
Secretary (Posts) P Gopinath inaugurated one such branch in Town Hall area of Mumbai and another one in Hyderabad.
The Minister said such initiatives are part of government's objective to create opportunities for women in the country.
At present, Department of Posts has a plan to set up at least three to four All-Women post offices in all the metros and a minimum of one such PO in Tier-II cities.
"These post offices will be opened up within next six months," Gopinath said.
By setting up All Women POs, the DoP expects there will an increase in footfall of women customers at post offices and it will be able to promote thrift, especially among working women.
There are 1,54,822 post offices in the country. Of these, 1,39,086 are in rural areas and 15,736 are in urban regions.
PTI
"We want to open such post offices in other parts of the country as well. The Department (of Posts) decides where women are available and doing jobs. If you go in to rural areas, you would not be able to find a (big) number. We will start with urban centres and then slowly move to other areas," Telecom and IT Minister Kapil Sibal told PTI.
All-women post offices are the first of their kind in the world as they are completely operated and managed by women employees.
Till date, two All Women POs (post offices) have been inaugurated by Mr Sibal in Delhi at Shastri Bhawan and Delhi University.
Secretary (Posts) P Gopinath inaugurated one such branch in Town Hall area of Mumbai and another one in Hyderabad.
The Minister said such initiatives are part of government's objective to create opportunities for women in the country.
At present, Department of Posts has a plan to set up at least three to four All-Women post offices in all the metros and a minimum of one such PO in Tier-II cities.
"These post offices will be opened up within next six months," Gopinath said.
By setting up All Women POs, the DoP expects there will an increase in footfall of women customers at post offices and it will be able to promote thrift, especially among working women.
There are 1,54,822 post offices in the country. Of these, 1,39,086 are in rural areas and 15,736 are in urban regions.
PTI
India Post, TCS to sign Rs 1,400 cr IT deal
IT major TCS has bagged the Rs 1,400-crore project of India Post for computerising counter operations and the two parties will sign a pact on Monday, a top government official has said.
The project is divided into two parts --two years for implementation and five years of maintenance.
"We will sign agreement with TCS on Monday for computerising counter operations under core system integration of c. Around Rs 1,400 crore has been earmarked for the project," Department of Post Secretary P Gopinath said.
The government has approved Rs 4,909 crore for phase II of modernisation of post offices under which the department is gearing up for providing real time core banking services as well.
The Indian IT companies, which earn major part of their revenues from foreign markets especially the US and Europe, are betting big on the domestic government projects.
TCS had also bagged the mission mode e-governance project and Passport Seva Project from the MEA in October, 2008.
Infosys has bagged a 700-crore project that would help India Post transform its banking and insurance operations crosss 1,50,000 post offices in the country.
PTI
The project is divided into two parts --two years for implementation and five years of maintenance.
"We will sign agreement with TCS on Monday for computerising counter operations under core system integration of c. Around Rs 1,400 crore has been earmarked for the project," Department of Post Secretary P Gopinath said.
The government has approved Rs 4,909 crore for phase II of modernisation of post offices under which the department is gearing up for providing real time core banking services as well.
The Indian IT companies, which earn major part of their revenues from foreign markets especially the US and Europe, are betting big on the domestic government projects.
TCS had also bagged the mission mode e-governance project and Passport Seva Project from the MEA in October, 2008.
Infosys has bagged a 700-crore project that would help India Post transform its banking and insurance operations crosss 1,50,000 post offices in the country.
PTI
गुरुवार, 25 अप्रैल 2013
Post office wants to become a bank.
The Reserve Bank of India recently announced draft guidelines for the entry of new private sector players even though there is no shortage of banks in the country: we have seven banks in the State Bank group, 20 nationalized banks, 21 private banks and 19 foreign banks with nearly 80,000 bank branches between them spread all over.
And that’s not all. Over and above this, we have innumerable regional rural banks, and private and state cooperative banks, not to speak of non-bank financial companies and financial institutions. Now, many non-banks want to become banks.If it were only that simple. The logic for converting the post office into a bank is three-fold.
One, its main business of delivering letters and money orders is shrinking and losing money. In the era of email and sms, no one actually writes anything to anyone using a post card or envelope. For those who want their letters and documents delivered pronto, India Post is only a second choice among couriers.
Two, the post office has a huge branch network – some 1,55,000 offices, and 90 percent of them in and semi-urban rural areas. So any bank built over the ruins of a post office would have twice the reach from day one.
Three, India Post has some nodding acquaintance with handling money – there is already a post office savings bank with 24 crore account-holders. Many small savings schemes like National Savings Certificates (NSCs), Monthly Income Schemes, Postal Life Insurance, and Kisan Vikas Patras (KVPs) are sold though the post office network.
If all this sounds like qualification enough to become a bank, think again. This is quite apart from the fact that India does not need yet another bank.
Reason: the key to successful banking lies in lending and risk-assessment, not raising deposits. In this area, the post office’s experience is zero. Just zero.
Consider how the post office works now. It uses its branch network to collect deposits and sell products like NSCs and KVPs. But it does not have to worry about raising enough income to cover the cost of deposits by lending to creditworthy companies or borrowers. The money raised is shovelled into the coffers of state governments and the latter pay off the interest from tax revenues. Or even more borrowings.
In short, the post office has no experience in doing the one thing that really matters to banking success: finding good borrowers.
The second argument – that its 1,55,000 branches will give it the right platform for growth – boils down to saying this: we have real estate in far corners of India. By this yardstick, petrol pump owners should also be running banks, for they own pumps in all kinds of places. Owning real estate – and often is places which make little commercial sense – is not a qualification for running a bank.
Moreover, Indian banking is very competitive – and India Post does not have competition embedded in its DNA.
The third argument, that the main postal service is a loss-maker, is the weakest of them all. Failure in one business is no reason to dabble in another, more complex, business like banking.
Yet another issue is the attraction of talent. Good bankers are hard to find even in India. Why would any banker working with State Bank or Bank of India want to work for the post office?
The world is littered with the corpses of banks that failed (in the US, the likes of Citibank needed bailouts in 2008 from Uncle Sam; in India, Global Trust Bank and New Bank of India needed white knights to rescue them from disaster). There is thus no need to add one more potential basket case with no experience in banking whatsoever.
So what should India Post do?
The answer is obvious: as owner of real estate, what it needs to do is leverage it. It can offer its real estate – either as a national package or a regional bundle – to any bank for running branches for a fee. This can be done through an open bidding process once the Reserve Bank of India allows new private banks to enter the picture. They will be eager to hop on board, for one condition they have to meet is having 25 percent of their branches in rural areas.
Net result: India Post gets rental incomes without the risk. You don’t need to become a bank to make money from banking.
India Post already earns fee income from selling a whole range of financial products like mutual funds, pension payments, et al. Allowing banks to sell more from its premises will enable it to wipe out its losses in a jiffy.
source:news
Infosys partners with India Post for online services
New Delhi: Infosys has partnered with India Post for developing a service delivery platform that will allow more than 1,30,000 rural post offices to offer online services.
The platform will also connect and manage more than 130,000 handheld devices used by rural postal workers for distribution of social benefits under the National Rural Employment Guarantee Act and process Electronic Money Orders, Infosys said in a statement.
With this agreement, Infosys will facilitate India Post's Rural Systems Integration (RSI) programme, which will increase adoption of the department's services and enhance the reach of postal services to the country's rural population
As part of an earlier agreement, Infosys is also partnering with India Post to transform its financial services operations and end-user experience under the Financial Services System Integration programme. "We are very happy to partner with Infosys on one of the largest transformational journeys India Post has ever undertaken. We are confident that Infosys will help make the Rural Systems Integration project a success," India Post said.
शुक्रवार, 5 अप्रैल 2013
Postal department launches service to transfer money via cellphone
ALLAHABAD: Sending and receiving a money order will be easier now than ever as India Post introduces money order facility through mobile phones. Under the Mobile Money Transfer Service (MMTS) minimum amount of Rs. 1,000 and maximum of Rs. 10,000 can be sent in a single transaction, whereas there is no limit to the maximum number of transactions made in a day.
Inaugurating the service at Allahabad Kutchery Head Post Office, Honorable Shri Krishna Kumar Yadav director Postal Services Allahabad region said Mobile Money Transfer is a financial service is a facility for remittance and receiving of money at selected post offices. The director launched the service by sending money from Allahabad Kutchery Head Post Office to Pratapgarh Head Post Office.Mr. Yadav said rates of the service have been fixed low, keeping in mind needs of customers. A person sending money through MMTS will be charged Rs 45 for sending money in the range of Rs 1,000-Rs 1,500, Rs 79 for an amount between Rs 1,501 and Rs 5,000 and Rs 112 for money transfer for an amount from Rs 5,001 to Rs 10,000.In the pilot phase this service has been started in 136 post offices of Uttar Pradesh, whereas 19 offices of Allahabad Region have been covered in this phase. It will be the priority of the department to cover offices in rural and remote areas under the service. In Allahabad, the service has been started in Bamaila, Atraura and Aura branch post offices, Mau Aima Sub Office and Allahabad Kutchery Head Post Office.
The sender needs to visit the identified post office where the service is available, deposit the amount and give the receiver's details in the prescribed form. After this, the sender would get a six-digit transfer code on the mobile phone, which one would need to send to the recipient via SMS or through any other mean. Similar SMS will also be sent to the receiver and the counter clerk automatically by the system, but only the SMS sent to the sender will contain the six-digit secret code. The recipient can claim the money at a nearby post office, by showing the transaction code and verifying one's identity. Recipient also needs to withdraw money within seven days of transaction.On the occasion of inauguration of the service senior superintendent of Post Offices, Allahabad, Rahmatullah, assistant directors R N Yadav and M P Mishra, Postmaster Allahabad Kutchery, HPO A K Shukla, and others were present along with other officials.
Inaugurating the service at Allahabad Kutchery Head Post Office, Honorable Shri Krishna Kumar Yadav director Postal Services Allahabad region said Mobile Money Transfer is a financial service is a facility for remittance and receiving of money at selected post offices. The director launched the service by sending money from Allahabad Kutchery Head Post Office to Pratapgarh Head Post Office.Mr. Yadav said rates of the service have been fixed low, keeping in mind needs of customers. A person sending money through MMTS will be charged Rs 45 for sending money in the range of Rs 1,000-Rs 1,500, Rs 79 for an amount between Rs 1,501 and Rs 5,000 and Rs 112 for money transfer for an amount from Rs 5,001 to Rs 10,000.In the pilot phase this service has been started in 136 post offices of Uttar Pradesh, whereas 19 offices of Allahabad Region have been covered in this phase. It will be the priority of the department to cover offices in rural and remote areas under the service. In Allahabad, the service has been started in Bamaila, Atraura and Aura branch post offices, Mau Aima Sub Office and Allahabad Kutchery Head Post Office.
Photo:file
Mr.Yadav added that the Department of Post had partnered with state-run BSNL to launch the mobile money transfer service. BSNL will handle the technology backend for the department and provide connectivity.Under Mobile Money Transfer Service, customers will have the facility to send money anywhere in the country. Specially designed mobile handsets with preinstalled mobile money transfer application have been provided to the offices selected to carry out this service.The sender needs to visit the identified post office where the service is available, deposit the amount and give the receiver's details in the prescribed form. After this, the sender would get a six-digit transfer code on the mobile phone, which one would need to send to the recipient via SMS or through any other mean. Similar SMS will also be sent to the receiver and the counter clerk automatically by the system, but only the SMS sent to the sender will contain the six-digit secret code. The recipient can claim the money at a nearby post office, by showing the transaction code and verifying one's identity. Recipient also needs to withdraw money within seven days of transaction.On the occasion of inauguration of the service senior superintendent of Post Offices, Allahabad, Rahmatullah, assistant directors R N Yadav and M P Mishra, Postmaster Allahabad Kutchery, HPO A K Shukla, and others were present along with other officials.
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