New Delhi
\nThe Department of Posts is working to set up an insurance company after launching of a payments bank and the parcel directorate, Communications Minister Manoj Sinha said.<\/p>\n
\u201cDepartments of Posts is now reincarnating itself. After diversifying its business with parcel directorate and payments bank, the department has decided to set up insurance firm as a special business unit in two years,\u201d Sinha told PTI.<\/p>\n
\u201cThe request for proposal to appoint a consultant for setting up insurance unit will be floated in the coming week,\u201d Sinha said.<\/p>\n
Prime Minister Narendra Modi launched India Post Payments Bank on September 1 that aims to take banking to the doorstep of every citizen by arming three lakh postmen and \u2018Grameen Dak Sewaks\u2019 with digital aids to deliver financial services.<\/p>\n
IPPB, which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018, is like any other bank but with a smaller scale of operations and without involving any credit risk.<\/p>\n
The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments\/transfers\/ purchases and other banking services like ATM\/debit cards, net banking and third-party fund transfers. However, it cannot offer loans directly, or issue credit cards.<\/p>\n
In April, DoP started parcel directorate which can independently take quick decision to push parcel and logistics business instead of following the long route of approval for even small steps like a change in parcel rates, bulk deal, special schemes etc.<\/p>\n
At present, the postal department offers one of the oldest life insurance schemes for benefit of government and semi-government employees Postal Life Insurance , which was introduced in 1884.<\/p>\n","protected":false},"excerpt":{"rendered":"
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