India Post To Open Forex Counters

Post offices in metros are set for a major change with the Government deciding to introduce new facilities like forex counters, cargo services, access to instant money order and other revenue generating services. We have got the licence from the RBI to start the foreign exchange business in some post offices in selected metros. We are finalising the deal which would be operational soon, S Samant, Chief General Manager, Business Development, Department of Post (DoP), said.

The department is acquiring an Air India flight to operate a dedicated cargo service carrying parcels, mails and couriers to north eastern states which will swift the delivery of mails in the region, Samant said. The cargo flight would take off from Kolkata every morning and return in the evening after delivering the services at Agratala and Imphal, he said. The Postal department recently signed an MoU with the Railways to sell train tickets in some of the post offices. Besides, it has undertaken the task of verifying pre-paid mobile subscribers in some areas, Samant said. The future vision of DoP is of a socially committed, commercially oriented and technologically driven organisation which can deliver services to the farthest corners of the country at affordable rates, Samant said.

There are about 1,55,669 post offices all across the country with a significant number of employees. However, its core business of selling stamps and post cards has dipped over the last five years. To keep its market share intact, the department is also planning to set up a bank, which has been tentatively named as the Post Bank of India.