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<ul><li><keyword id="3388668" type="General" weightage="20" keywordseo="india-post-payments-bank" source="Orion">India Post Payments Bank</keyword> has announced a partnership with Indian microblogging platform <keyword id="3518161" type="General" weightage="100" keywordseo="koo" source="Orion">Koo</keyword>.</li><li>The partnership aims to promote financial literacy in remote cities and hinterlands in the country.</li><li>Koo allows users to communicate in ten languages on its platform.</li></ul><keyword id="48812" type="General" weightage="20" keywordseo="india-post" source="Orion">India Post</keyword> Payments Bank (<keyword id="3389889" type="General" weightage="80" keywordseo="ippb" source="Orion">IPPB</keyword>), a division of India Post, the country’s postal giant, has partnered with the Indian microblogging platform Koo. IPPB has signed a memorandum of understanding (MoU) with Koo to boost financial inclusion and literacy in the country. IPPB and Koo will work together to promote financial education in tier-2, tier-3, remote, and hinterlands. Koo is a multilingual platform that allows users to communicate in 10 languages – Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, Telugu, Assamese, Bengali and English. The partnership between Koo and IPPB will allow the bank to reach out to their customers across the country, even in remote cities and hinterlands and use the multi-lingual Koo (MLK) feature offered to communicate in the language that the customer is comfortable in. “Our collaboration with Koo is an initiative to connect with citizens of the country in the languages of their choice, through its features such as MLK and many more. We will also establish communication with users across states and spread awareness around IPPB’s legacy, products and services, for which Koo will have a significant role to play,” said J Venkatramu, chief executive officer, IPPB in a statement. India Post Payments Bank was set up in 2018 and uses a network of 1,55,000 post offices across the country to offer its services. Out of the 1,55,000 post offices, 1,35,000 are situated in rural areas. This is where Koo will be able to help IPPB to communicate with its customers in different languages. Koo’s grievance redressal system will also allow IPPB to manage customer relationships. “At Koo, we are committed to ensure rapid advancement on our mission of digital inclusion. We are certain that this partnership with India Post Payments Bank will synergize the best of both traditional and contemporary modes of communication and help users to stay connected with each other,” said Aprameya Radhakrishna, chief executive officer of Koo. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/pixel-6a-smartphone-will-be-available-for-as-low-as-27699-on-flipkart/articleshow/94172523.cms">Pixel 6a will be available for as low as ₹27,699 – where to buy, which card to use and everything you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/google-is-considering-manufacturing-up-to-a-million-pixel-smartphones-in-india-says-report/articleshow/94170920.cms">Google is considering manufacturing up to a million Pixel smartphones in India, says report</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-pro-spotted-with-an-alert-slider-and-a-redesigned-camera-setup/articleshow/94157444.cms">OnePlus 11 Pro spotted with an alert slider and a redesigned camera setup</a>

India Post Payments Bank partners with Koo to promote financial literacy in tier-2, tier-3 cities and remote cities

<keyword id="3388668" type="General" weightage="20" keywordseo="India-Post-Payments-Bank" source="Orion">India Post Payments Bank</keyword> (<keyword id="3389889" type="General" weightage="20" keywordseo="IPPB" source="Orion">IPPB</keyword>) and <keyword id="45123" type="General" weightage="100" keywordseo="hdfc" source="Orion">HDFC</keyword> has entered into a strategic alliance to offer <keyword id="35519" type="General" weightage="20" keywordseo="home-loans" source="Orion">home loans</keyword> to nearly 4.7 crore customers of the payments bank. Leveraging its country-wide network of 650 branches and over 1,36,000 banking access points (Post offices), IPPB aims to make HDFC's home loan products and its expertise available to its customers across India, HDFC said in a statement. A Memorandum of Understanding (MoU) on the strategic alliance was signed between IPPB and HDFC Ltd on Monday. "The partnership aims to facilitate HDFC's home loans to customers, especially in unbanked and underserved areas with many of them having little or no access to finance, to fulfill their dream of owning a home. IPPB will offer housing loans through nearly 190,000 banking service providers (Postmen and Gramin Dak Sevaks)," it said. As per the MoU, credit, technical and legal appraisals, processing and disbursement for all home loans will be handled by HDFC Ltd while IPPB will be responsible for sourcing of loans, it said. Speaking on the significance of the tie-up, IPPB MD J Venkatramu said financial inclusion cannot be achieved without enabling access to credit as a significant chunk of customers do not have a bank or a financial institution providing housing loans in their vicinity. The alliance aims to make housing loans available and accessible, using a digitally enabled agent banking channel and position IPPB as a one-stop platform for all banking needs of customers, including credit, he said. Commenting on this partnership, HDFC MD Renu Sud Karnad said, this alliance will go a long way to promote affordable housing in the remotest locations of our country in line with the Prime Minister's vision of Housing for All. From its inception till date, IPPB has introduced a range of innovative and unique banking products and services catering to the needs and requirements of different customer segments and is also enabling easier digital adoption at the last mile through an assisted banking model. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/after-raising-2-billion-since-2020-byjus-is-now-looking-to-raise-another-500-million-in-debt-to-acquire-more-businesses/articleshow/87276471.cms">After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zee-cancels-october-27-board-meeting-cites-lack-of-quorum/articleshow/87276518.cms">Zee cancels October 27 board meeting, cites lack of quorum</a>

India Post Payments Bank teams up with HDFC to offer home loans

New Delhi, Apr 1 () As many as 34 lakh transactions took place through Post Office Savings Bank and 6.5 lakh transactions through India Post Payments Bank, during the lockdown period as on March 31. Online medicine company netmeds.com and e-commerce company Amazon have also approached India Post for delivery of medicine and essential commodities in metros and some other locations, an official release said. "During the lockdown period as on 31.03.2020, 34 lakh transactions were effected through POSB (Post Office Savings Bank) and 6.5 lakh transactions were effected through IPPB (India Post Payments Bank). Around 2 lakh accountable mails including speed post registered letters, parcels and money-orders were delivered," it said. Mobile Post Offices are functioning in Kerala, Telengana, Uttar Pradesh, Delhi and some other circles to provide essential postal and financial services. The routes of these mobile post offices are decided depending upon requirements, the statement said. The Department of Posts is also moving ventilators, COVID-19 Test Kits and other medical equipments as per requests of various organisations from selected locations to destinations across the country by using cargo airlines and its own mail motor network. The Telengana Circle has tied up with the Health Department for distribution of medical kits, while Gujarat Circle has despatched consignment of medical supplies and essential medicines to Surat, Bharuch, Valsad, Rajkot, Jaipur, Pune and Kolkata in partnership with Indian Drug Manufacturing Association. "Under the Ganga Swaroop Yojana, a scheme of Government of Gujarat for payment of benefits to widows, Gujarat Circle has drawn an extensive mechanism to ensure such payments in rural and semi-urban areas to widow beneficiaries. An amount of Rs 51 crores has been credited in 4 lakh Post Office Saving Bank Accounts and its disbursement will commence from 3 April," it said. MBI HRS

34 lakh transactions effected via Post Office Savings Bank, 6.5 lakh through IPPB during lockdown

India’s government-operated postal system <keyword id="452884" type="COMPANY" weightage="100" keywordseo="IndiaPost">IndiaPost</keyword> has planned to start the first 50 branches of its payments bank, called India Post Payments Bank (<keyword id="3389889" type="UNKNOWN" weightage="100" keywordseo="IPPB">IPPB</keyword>), by May next year, with a motive to widen financial inclusion in the country. 
 Eventually, it plans to have 650 branches across the country by September next year, a top official of the <keyword id="53988" type="ORGANIZATION" weightage="100" keywordseo="Department-of-Posts">Department of Posts</keyword> told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/indiapost-plans-50-payments-bank-branches-by-may/articleshow/53332937.cms">ET</a>. 
 A final proposal will be deposited to the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> by February 2017, as the central bank had given a deadline of March 2017, and in the meantime, the required management and technology would be brought into place, said SK Sinha, secretary, Department of Posts, told ET. 
 
Department of Posts was one of the 11 applicants that were given the RBI approval to open payments bank, out of which three backed out. The remaining entities are Aditya Birla Nuvo, Airtel M Commerce Services, Fino PayTech, National Securities Depository, Reliance Industries, Tech Mahindra and Vodafone m-pesa. 
 
For IPPB, IndiaPost will hire almost 2,000 people across 155,000 post offices. 
 
"There will be nine board members, five from outside and four internal people from the department, including the CEO," said Sinha. 
 
<a href="https://4.bp.blogspot.com/-tDjtt-skIAE/Vu179zE82UI/AAAAAAAACkU/3ekyY1mYARc6WnUvO3WVx1ZvcMzL-a6SA/s1600/DSC_0387.JPG">Image source</a>

IndiaPost aims to open 50 branches of payments bank by May next year

<ul><li>India Post Payments Bank Limited (IPPB) has opportunities for job seekers with 132 executive positions available on a contractual basis. </li><li>The Indian Air Force (IAF) has invited unmarried Indian male and female candidates to apply for the selection test for Agniveervayu intake. </li><li>The Defense Research and Development Organisation (DRDO) has recently advertised 55 job openings for the position of Project Scientists. </li></ul>Indians often prefer <keyword id="6362949" type="General" weightage="20" keywordseo="government-jobs" source="Orion">government jobs</keyword> due to the perceived job security and various benefits, including pensions, healthcare, and other allowances, which are seen as stable and reliable compared to some private sector positions. Additionally, government jobs are often considered prestigious and socially esteemed in Indian society, further attracting individuals seeking stability and status in their careers. We look at Government vacancies available in the month of August 2023. <cmsannotation type="cmsannotation" annotationid="India Post" comment="subhead" text="India Post">India Post</cmsannotation> India Post Payments Bank Limited (IPPB) is presenting an opportunity for job seekers with 132 executive positions available on a contractual basis. Those seeking to advance their careers in the financial sector can submit their applications for these vacancies through the official website ippbonline.com. The application deadline is August 16, 2023. To qualify for these executive roles, applicants must fulfil specific requirements. As of June 1, 2023, candidates should be aged between 21 and 35 years. Moreover, a Bachelor's degree in any field is mandatory, and preference will be given to candidates with prior experience in financial product sales or operations. <cmsannotation type="cmsannotation" annotationid="Indian Air Force" comment="subhead" text="Indian Air Force">Indian Air Force</cmsannotation> The Indian Air Force (IAF) has invited unmarried Indian male and female candidates to apply for the selection test for Agniveervayu intake 01/2024, under the Agnipath scheme. Interested individuals can apply through the official website of IAF Agniveervayu at agnipathvayu.cdac.in. The application process started on July 31 and will close on August 17. To be eligible, candidates must have been born between June 27, 2003, and December 27, 2006. Educational qualifications vary based on the subject stream. Science subjects require candidates to have passed Intermediate/10+2/Equivalent examination with specific subjects and marks, while Other than Science Subjects applicants should have completed their Intermediate/10+2/Equivalent Examination in any stream/subjects with minimum marks in English. The candidates need to meet specific medical standards concerning height, weight, chest measurements, hearing, and dental health, as outlined by the Indian Air Force. <cmsannotation type="cmsannotation" annotationid="Defense Research and Development Organisation" comment="subhead" text="Defense Research and Development Organisation">Defense Research and Development Organisation</cmsannotation> The Defense Research and Development Organisation (DRDO) has recently advertised 55 job openings for the position of Project Scientist. Those interested in applying can do so through DRDO's official website at drdo.gov.in. The application process is entirely conducted online, and the deadline for submission is August 11. This recruitment aims to fill a total of 55 vacancies. Notably, male candidates belonging to the General, other backward class (OBC), and economically weaker section (EWS) categories are required to pay an application fee of ₹100, while scheduled caste (SC), scheduled tribe (ST), person with disability (PWD), and women candidates are exempt from any fee. The age limit for Project Scientist F is 55 years, for E it is 50 years, and for D, the maximum age allowed is 45 years. Aspiring candidates looking to join DRDO, a crucial part of the Ministry of Defence, should take note of these vital details during the application process. <cmsannotation type="cmsannotation" annotationid="Staff Selection Commission" comment="subhead" text="Staff Selection Commission">Staff Selection Commission</cmsannotation> The Staff Selection Commission (SSC) has issued a notification for the Junior Engineer (JE) Examination, including civil, mechanical, and electrical branches. The online registration process commenced on July 26, and candidates can apply for the SSC JE 2023. The last date of submitting the application form is August 16. Through this recruitment drive, the SSC aims to fill 1,324 vacancies for junior engineers in various central government departments such as Military Engineering Services(MES), Border Roads Organisation (BRO), Central Public Works Department (CPWD), National Technical Research Organisation (NTRO), and others. Aspiring candidates need to pay an examination fee of Rs 100. However, candidates belonging to SC, ST, PWD, women, and ex-servicemen eligible for reservation are exempted from paying the fee.

From Indian Air Force to DRDO – Government jobs up for grab in August

New Delhi, Feb 27 () India Post Payments Bank (IPPB) has garnered over two crore customers in less than two years of being operational. According to a statement, IPPB had reached the landmark of one crore customers in August last year - its first year of operations. "The next 1 crore customers have been acquired and on-boarded in just five months. On an average, IPPB has been opening or maintaining a run rate of 33 lakh accounts per quarter," a statement said. The success of IPPB's business model underlines the government's intent in creating an interoperable banking infrastructure for the public good contributing toward changing the financial inclusion landscape in India, Communications Minister Ravi Shankar Prasad was quoted as saying in the statement. "Since its launch, IPPB has enabled more than 1.36 lakh post offices and 1.9 lakh dakiyas (postmen) to provide a complete suite of banking services at the doorstep of the customer providing access to any Aadhaar linked bank account, leading to an increase in rural banking infrastructure by almost 2.5 times," he added. With the launch of Aadhaar Enabled Payment System (AePS) Services in September 2019, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank, the statement said. With AePS services, any person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with. To avail these services, a customer with an Aadhaar-linked account can simply authenticate his or her identity with fingerprint scan and Aadhaar authentication to complete a transaction. The statement noted that IPPB has implemented one of the largest-ever digital financial literacy programme by investing over one crore man-hours in training and certifying more than 250,000 postal assistants, postmen and GDS as banking service providers. The bank has also digitised all the post office counters through a simple QR Code to accept electronic payments and also enabled direct payments into various post office saving schemes and purchase of postal products, it added. BEN SR SHWSHW

India Post Payments Bank crosses 2-cr customer mark

New Delhi, Jan 13 () Banks Board Bureau (BBB), the headhunter for state-run banks and financial institutions, has invited applications for the post of managing director of India Post Payments Bank (IPPB).
 IPPB has been incorporated as a public limited company under the Department of Posts with 100 per cent Government of India equity. 
 The vacancy will be created on March 31, according to the advertisement.
 Incumbent Suresh Sethi, a former MD of Vodafone M-Pesa Ltd, was appointed as MD of IPPB by the government in October 2017. 
 The term of office of the holder of the post shall be for five years subject to the age of superannuation as 60 years. The term may be further extended by a further period of five years after reviewing performance, according to the advertisement. 
 Fixed component of the compensation will be in line with compensation of MD of public sector banks or additional secretary of Government of India.
The last date for submitting the complete online application is January 31, 2020.
 The postal department has decided to convert the IPPB into a small finance bank, enabling it to offer small loans to customers.
 Viability of the payments-bank model has constantly been under question, it came more out in the open when Aditya Birla Payments Bank shut shop after just 17 months of operations.
Besides, the department in August, 2019 set a target to open one crore accounts for IPPB in 100 days. 
 Prime Minister Narendra Modi launched the IPPB in September, 2018 with a view to promote financial inclusion. 
 The BBB is headed by B P Sharma, former secretary of the Department of Personnel and Training.
 Prime Minister Narendra Modi, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks
(PSBs).
 It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for
their growth and development. DP MR
MR

BBB invites applications for MD post of India Post Payments Bank

New Delhi, Dec 6 () Postmen and grameen dak sevaks might soon be able to sell insurance policies, with regulator Irdai issuing guidelines wherein such people have to be sponsored by the India Post Payments Bank (IPPB).
 The IPPB, which is a corporate agent, can seek permission from Irdai for sponsoring postmen and grameen dak sevaks of Department of Posts (DoP) to act as Point of Salesperson (PoS), Irdai said.
 ln case the authority grants permission, IPPB shall be responsible for all acts of omission and commission of the persons appointed as PoS, it added.
 The regulator said the DoP will have to identify postmen and grameen dak sevaks and furnish the list to it from time to time and IPPB may have tie-ups with as many number of insurers as allowed under the regulations.
 "These postmen and grameen dak sevaks will be operating largely in un-banked and under-banked geographical areas and can provide the last mile reach to sell insurance products in remote and rural areas," Irdai said.
 Bulk of products in motor insurance, travel insurance, personal accident insurance, term insurance, require very little under writing as these are largely pre-underwritten products.
 Based on the information provided by the prospectus, the insurance policy is automatically generated by the system. The intervention required for such a product is minimal and the training and examination for such persons could be of a lesser degree, Irdai said.
 "Therefore, in order to facilitate the growth of insurance business in the country and to enhance insurance penetration and insurance density, the authority as part of its developmental agenda issued the guidelines on PoS Persons," Irdai said.
 "This would provide financial inclusion and increase insurance density and penetration in the country which is in line with the objective of the Authority," it said.
 The IPPB will be responsible for training and certification of postmen and grameen dak sevaks; daily reconciliation and reporting of all transactions; compliance to code of conduct; compliance with KYC norms; setting up of a robust grievance redressal mechanism to address grievances raised by customers, as per the guidelines.
 Irdai said IPPB will also have to put in place a system to identify the postman and grameen dak sevak who has sold an insurance policy. KPM ANU

Postmen, grameen dak sevaks may soon start selling insurance policies

<ul><li><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s newest payments bank was launched on 1 September.</li><li>The <keyword id="3388668" type="PERSON" weightage="20" keywordseo="India-Post-Payments-Bank">India Post Payments Bank</keyword> will use the infrastructure and employees already within the umbrella of the <keyword id="594063" type="PERSON" weightage="20" keywordseo="postal-network">postal network</keyword> to implement this initiative. </li><li>The bank aims to promote <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword> by integrating people currently employed in India’s informal economy.</li></ul>India’s new public-sector company, the India Post Payments Bank (IPPB) is set to be the next biggest bank in India with financial inclusion at the helm. It terms of its network size, it’s already the largest payments bank in the country with a network that extends into the rural corners of the country. The post office already has 34 million savings accounts that will now be able to avail <keyword id="1460938" type="PERSON" weightage="20" keywordseo="Digital-Banking">digital banking</keyword> services once they link their accounts to the IPPB. That being said, it’s important to remember that payments banks are different from commercial banks in a number of ways. And, while the Minister of State for Communications, Major Sinha, claims that this will launch the ‘<a href="https://www.firstpost.com/business/india-post-payment-bank-will-launch-the-second-wave-of-financial-inclusion-says-minister-manoj-sinha-5067621.html">second wave of financial inclusion</a>’, the first wave of the Pradhan Mantri Jan-Dhan Yojana is yet to be effectively implemented. The largest <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> network The postal network in India is one of the most comprehensive. Using the post offices that are already in place and the postmen familiar with their routes, the IPPB can capitalise on the existing resources it has on hand. Rather than having to employ and train a whole new workforce, the postal service already has postmen in place that can go door-to-door for customer on-boarding, answering account statement requests, coordinating third-party services and other tasks. Starting Monday, nearly 11,000 postmen have already started on the job across urban and rural areas. And there’s not need to construct additional infrastructure either with post offices already established in far-flung corners of the country. That being said, while the IPPB has the same functions as an ordinary bank, it can’t issue credit lines via loans or credit cards. But then again, there’s no minimum balance requirement either. And, herein the lie the biggest boon of the initiative. The bank doesn’t rely on fines and loans to generate revenue, but on deposits and and transaction charges instead. It means that individuals can be a part of the initiative and have a bank account without necessarily needing a continuous flow of income, making the IPPB an affordable and accessible solution. The impetus on financial inclusion The underlying aim of launching the IPPB has been to promote financial inclusion. The smaller savings accounts and easy money transfers serve to empower migrant labourers and low-income households to integrate themselves with the formal economy. The crux of issue lies in the fact that 80% of India’s labour is currently employed in the informal sector. While the Pradhan Mantri Jan Dhan Yojna had the same aim in mind, financial literacy was an obstacle that they were unable to overcome. The IPPB plans to overcome this obstacle by running a campaign around digital literacy. The QR card in place of debit card should enable financial transactions without having to remember complex passwords or pin-codes. On the day of its launch the IPPB inaugurated 650 new branches and 3,250 access points co-located at post offices. In a phased manner, the government has plans of establishing 155,000 access points by the end of the year. The IPPB can accept demand deposits of upto ₹100,000 and offer remittance services. The bank also facilitates mobile payments, net banking and debit cards.

India’s newest financial institution is set to be the country’s biggest bank

New Delhi, Jun 11 () IDBI Bank on Thursday said its board has approved the appointment of Anshuman Sharma as government nominee director with effect from June 11, 2020. "The Board of Directors has approved the appointment of Anshuman Sharma, Director, Ministry of Finance, Department of Financial Services, as government nominee director on the board of IDBI Bank Limited w.e.f. June 11, 2020 and until further orders," the bank said in a regulatory filing. IDBI Bank is now being categorised as a private sector lender after majority stake acquisition by LIC. In January 2019, the insurance behemoth had completed acquisition of 51 per cent controlling stake in the then public sector IDBI Bank, making it the lender's majority shareholder. Sharma is an IRS officer and has held positions in tax assessment, investigation, administration and transfer pricing. Currently, he is looking after insurance and pension reforms portfolio in the finance ministry. He has served on the board of State Bank of Travancore, Allahabad Bank, IFCI Ltd and India Post Payments Bank (IPPB). He is currently serving on the board of IDFC Ltd. KPM RVK

IDBI Bank's board approves appointment of Anshuman Sharma as govt nominee director

<ul><li>Following the launch of the <keyword id="48812" type="COMPANY" weightage="20" keywordseo="India-Post">India Post</keyword> <keyword id="2324069" type="PERSON" weightage="20" keywordseo="Payments-Bank">Payments Bank</keyword> on Sep 1, the postal service plans to spin off its <keyword id="6406875" type="UNKNOWN" weightage="20" keywordseo="life-insurance">life insurance</keyword> business into a separate unit. </li><li>According to Minister of Communications, Manoj Sinha, the Indian postal service will set up an insurance company by 2020. </li><li>The Indian postal service already dabbles in insurance through the operation of the Postal Life Insurance (PLI) and Rural Postal Life Insurance (RLPI) schemes. </li></ul> After three years of planning, India’s Prime Minister Narendra Modi launched the India Post Payments Bank (IPPB) on September 1st. The payments banking service will be run exclusively by the Indian postal service, which boasts 155,000 offices all over the country, and offer savings accounts with deposits of upto ₹100,000 along with transfers and bill payments. With the initial operation of 650 branches prior to scaling to all post offices - which will create India’s largest banking network - and the deployment of 300,000 postmen to offer doorstep service in far-flung areas, the IPPB is expected to go a long way in helping the government achieve its <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword> goals. In a sign of confidence, the payments bank is receiving a 80% hike in its budget to ₹14.4 billion from the government, which expects it to become profitable in two years time. But a payments bank isn’t all that the Indian postal service, which falls under the Ministry of Communications, has planned. While the IPPB has the ability to cross-sell insurance products, the India Post is said to be working on the launch of an insurance firm. According to Minister of Communications, Manoj Sinha, the Indian postal service plans to set up an insurance company as a business unit by 2020. The idea was first floated <a href="https://www.thehindu.com/news/national/postal-department-looks-to-spin-off-life-insurance-business/article24361491.ece">in July.</a> A tender for the appointment of a consultancy to facilitate the establishment of the insurer is set to go live in the coming week, Sinha added. The Indian postal service already dabbles in insurance through the operation of the Postal Life Insurance (PLI) scheme, which has been around since the late 19th century. The scheme offers life insurance services to government employees, civil servants, employees of state-owned companies and military personnel. It currently has around 4.7 million active policies. A rural complement to the scheme, Rural Postal Life Insurance (RPLI) was launched two decades ago and has since grown to nearly 15 million policies. Sinha explained that the Indian postal service was in the throes of an important transformation, In April 2018, the postal service also decentralised its parcels and logistic services business for the purpose of efficiency and the uptake of e-commerce.

After a payments bank, the Indian postal service now plans to launch an insurance firm

Chandigarh, May 6 () An eight-year-old cancer patient from Una in Himachal Pradesh had almost run out of medicine stock last month, but a postman managed to deliver the critical drugs just in time. This is one of many such important interventions that India Post has taken up to help people during the ongoing coronavirus-induced lockdown. India Post's Punjab Circle made special arrangements to get the essential cancer drugs as they were from outside the state. With the ongoing coronavirus-induced lockdown restrictions, a postal motor van was hired to deliver the medicines that reached her home in Una where her mother received the consignment, said a senior official. The girl's family had sought help from Union Minister for Communications Ravi Shankar Prasad, who ordered India Post to provide all possible logistical assistance to ensure that the medicines get delivered at the girl's house. On these lines, the Department of Posts has arranged emergency delivery of medicines, medical aids, medical equipment, testing kits, etc, for doctors, patients and senior citizens, Punjab Circle Chief Postmaster General V K Tiwari said. Personal protective equipment (PPE) kits and medicines manufactured in Himachal Pradesh's Baddi, located near Chandigarh, is a pharmaceutical hub in the region while ayurvedic medicines from HP's Dharamshala along with homeopathic medicines in Ludhiana. All these different kinds of medications and kits are being sent to other parts of the country through the medium of the Postal department. To serve the people, especially in the present situation, all intra-circle and inter-circle mail routes to Delhi, Haryana, HP and J&amp;K Union Territory, have been made fully functional through the department mail vans and contractual mail vans. In the Punjab Circle, beneficiaries of social security pensions are receiving pension at their doorstep during the lockdown thanks to efforts of India Post. Employees of the Postal department also disburse Direct Benefit Transfer (DBT) payments to beneficiaries of various government schemes. "DBTs, social security pensions...every day we carry out more than 10,000 transactions in Punjab to the tune of Rs 1.6 crore to Rs 2 crore," Tiwari said. There are some beneficiaries who do not have accounts in post offices but postmen are handing over the cash to them with the help of technology available with the India Post Payments Bank (IPPB). The payments are made by Aadhaar Enabled Payment Systems through branch postmasters and any bank account of the beneficiary must be linked to Aadhaar. With many elderly citizens living alone, the department has also directed its postmen on the field to lend a helping hand in delivery of grocery and other essential everyday items without charging them anything for the service. "We have alerted our postmen that if they come across any elderly person or elderly couple living alone and need help in procuring grocery items, then as a goodwill gesture they must lend a helping hand," said Tiwari. Many in the department have volunteered and are also providing food to hawkers, rickshaw pullers, attendants of patients, besides migrant labourers stuck in various parts of Punjab and Chandigarh. For this, they also raise their contributions and get help from the Food and Civil Supplies department. The chief postmaster general said, "We are running our network in Punjab to full capacity barring one or two per cent in sub post offices and branch post offices or areas falling in containment zones. The rest of the postal network is fully functional in the state." Before opening the offices for public use, we sanitise our offices and mail vans everyday daily while also providing masks, gloves and hand sanitisers to our employees, Tiwari said referring to safety precautions taken by the Postal department in the wake of COVID-19. The department has also provided an insurance cover worth Rs 10 lakh for its employees in view of the COVID-19 situation, which is over and above to other insurances they may be covered under, he said. When asked what challenges they face during such crisis times, Tiwari replied, "This is a tough time, COVID-19 itself is a challenge, but we are getting full support from the authorities, including government and the police". SUN VSD HDA

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