India Post set for rejuvenation: Raghavan

Mumbai, May 23 (UNI) Union Ministry of Communications Secretary Dr U Srinivasa Raghavan has said India Post was set for rejuvenation by modernising its traditional business areas of logistics, communication and delivery with the help of IT software and internet besides launching new financial services.

Dr Raghavan, while addressing a meeting on ''Vision of India Post'' organised by the Indian Merchants' Chamber here recently, said ''No other organisation in India has a nationwide reach comparable to that of the India Post.'' The Secretary said steps had already been initiated towards equipping the department with IT software and Internet facilities.

New measures have started yielding fruits and the department's deficits had sharply declined to Rs 980 crore in 2004-05 from a couple of thousands of crore in earlier years. The deficits would be brought down to Rs 750 crore within a year, he said.

He said apart from performing mail, money and parcel delivery services, the India Post was also performing banking and insurance services and had handled Rs 450,000 crore of small savings last year, making it one of the country's largest banks.

''Under its Fin Mart scheme, India Post is providing 'anywhere banking' facilities to customers in 150 post offices and we are proposing to set up its 300 more centres this year,'' he added.

Dr Raghavan said the rural Postal Life Insurance of India Post had recorded 100 per cent growth last year. ''We are now partnering with Oriental Insurance for undertaking general insurance business also.'' The Secretary said India Post also provided the benefit of its marketing network to branded products manufactured by small industries. ''Our objective is to become the most formidable delivery and distribution organisation in the country within a couple of years,'' he added.

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