Tag: India Post

Indian Post and Deutsche Postbank in talks

Posted by | May 30, 2008 | |

The Department of Post (DoP) said it is in talks with Deutsche Postbank to enter into housing loan business.
The Post office already have alliance with the SBI to enable people to open an account through the postal department. Moreover, education, home and personal loans can also be applied for and sanctioned from State Bank of India through the postal department.
With a huge network of more than 155,000 post offices, the DoP is also looking at tie-ups with other banks to disburse housing loans in the rural areas.
The post office, in its bid to leverage its reach had started retailing various financial products.
It has a tie-up with UTI MF, Principal PNB AMC, Prudential ICICI and SBI Mutual Fund for selling their mutual funds.
Recently, the post office has also inked a joint venture with the Centurian Bank of Punjab for business in foreign exchange.
Under the six month agreement with the Centurian Bank of Punjab for forex business, a pilot project would be launched in 31 Head Post Offices of 11 states.
Besides, the government is also using the post offices to disburse the proceedings of the National Rural Employment Guarantee (NREG) Scheme.

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Emirates and Indian Posts start exchanging electronic money transfers

Posted by | May 5, 2008 | |

The Emirate and Indian postal services have joined the UPU’s International Financial System network to offer their customers a new possibility for sending money electro-nically.

In addition to being eco-nomical, a new electronic money-transfer service launched by the two postal operators is fast (recipients receive their money within hours) and offered in many post offices. As part of a first phase, customers in the United Arab Emirates (UAE) can send transfers from any post office in the country to 97 main post offices and more than 2,400 branches in the regions of Delhi, Mumbai, Chennai, Kolkota and Kerala. The service will soon be extended to all of India.

At the moment, money sent to India is delivered directly to the recipient’s home, but more options will be added later.

At a worldwide level, the exchange corridor between India and the UAE is among the 10 most important ones in terms of money transfers from migrants. According to the World Bank, close to 2.2 million Indian immigrants reside in the UAE. Each year, migrants from all over the world send 27 billion USD to India.

The transfers between the Indian and Emirate Posts are possible thanks to the IFS solution, the backbone of the UPU’s international electronic postal payments network. Ninety countries are currently using or testing IFS, which is bringing solutions to issues around money transfers, international migration and poverty reduction.

India, China and the UAE are the most recent large countries to have adopted IFS in order to improve and facilitate money transfers for their customers.

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Swiss Post International enters India

Posted by | May 1, 2008 | |

Swiss Post said it has tied up with Mail Order Solution to enter the Indian market.

Under the agreement, Mail Order Solution (MOS) will operate as a Swiss Post International sales agent in the country, a release said. MOS provides end-to-end integrated direct marketing solutions in print production and international postal services and distribution.

“MOS is a top-class direct marketing solutions business and Swiss Post is proud to be a part of such an interesting venture,” Swiss Post International Management Ltd’s Director Daniel Baettig said.

“Swiss Post stands for quality and reliability and we hope to grow in strength alongside such a serious partner,” MOS’ Chairman and CEO, Mehul A Desai said.

Swiss Post International offers a range of postal products and services to business customers. With its foothold in India, Swiss Post International now has expanded its international presence into 16 countries and Mumbai is now one of the five locations of the company in Asia.

The other locations in Asia are Singapore, Hong Kong, Kuala Lumpur and Shanghai, the release said.

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Tamil Nadu Post's Central Region registers highest business

Posted by | May 1, 2008 | |

The Central Region of the Tamil Nadu Postal Department has achieved the highest business of Rs 1,017 crore from the ‘Rural Postal Life Insurance (RPLI)’ during the year 2007-08, against a target of Rs 690 crore, Post Master General (Central Region) S P Rajalingam said Wednesday.

Addressing a press conference here, he said the region had procured 8,30,000 policies since 1995-96 and collected a total amount of Rs 3,557 crore. It had settled 10,02,044 claims in the last seven years, he added.

The region had also achieved 4,16,529 transactions from the International Money Transfer (IMT) service through its 230 IMT centres, the highest in the country during the year 2007-08, which was 1.69 lakh transactions more than the previous year.

With regard to the Speed Post performance, 15,18,518 articles were booked during the year, registeing a 25 per cent increase, compared to the previous year, he said.

Under the National Bank For Rural Development and Agriculture (NABARD)-Self-Help (SHG) Post Office linkage scheme, 1,671 SHG accounts were opened and disbursed loans to the tune of Rs 92.78 lakh. The Central Region had also launched a pilot project, in tie up with the State Bank of India (SBI), in Ayilur and Velur villages in Perambalur district last year.

He said there were 24 Head Post offices, 2,839 branch post offices and 6,055 sub post offices and 11 divisions in the region.

Efforts would be made to establish Head Post offices at Ariyalur and Karaikkal in the Union Territory of Puducherry, he added.

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Emirates Post, India Post launch e-money order service to Kerala

Posted by | Apr 27, 2008 | |

Emirates Post and India Post yesterday launched an electronic international money order facility between the United Arab Emirates and Kerala, fulfilling a long-standing demand of expatriates for an affordable electronic money transfer service.

A bulk of the estimated Rs250 billion which Non-resident Keralites (NRKs) send home annually comes through banks and money transfer operators at present. A sizeable chunk of the remittances also come through illegal channels.

The facility launched by Kerala Circle Post-Master General Uday Balakrishnan is expected to benefit the low-income group, who constitute about 90 per cent of more than half a million Malayalees working in the UAE.

The e-money order launched in alliance with Emirates Post envisages delivering money at the customer’s doorstep.

It uses the Universal Postal Union’s secure International Financial System for the purpose.

The maximum remittance allowed per person is 12 in a calendar year, while the maximum amount that can be sent is USD 5000 or its equivalent. MOs up to Rs20, 000 will be delivered to the customer in cash within two days.

Amounts between Rs20, 001 and Rs50, 000 will be paid from the post office counter and those exceeding Rs50,000 by cheque, the official said. Emirates Post will charge 11 dirhams for ‘window’ delivery per transaction and 14 dirhams for door delivery in India.

The e-money order facility has also been launched at 46 head post offices in the four metros of New Delhi, Mumbai, Kolkata and Chennai. 1 INR = 0.0249476 USD

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