Indian Post offices to broaden retail portfolio with stamp papers
Indian Department of Posts enters into stamp paper deal with state government in an attempt to diversify its business.
The Indian Department of Posts is tying up with the state government for vending stamp papers through its counters. These non-judicial stamp papers are used for signing various agreements and other legal formalities.
With its core business of delivering mails declining or eaten up by private courier companies, post offices have seen a huge fall in revenue. However, in the last few years, India’s Department of Posts has come up with newer ways to perk up its revenue. It now sells not just postal services and stationery but a number of other services as well. Despite expansion of banking services, post office savings instruments remain popular in rural areas as well as with conservative urban investors. It has also begun accepting loan applications of State Bank of India and recently began vending gold coins and distributing currency coins in association with the Reserve Bank of India.
