Latest news with #PostalLifeInsurance
Time of India
07-07-2025
- Business
- Time of India
India Post to become real estate player? Union Minister Jyotiraditya Scindia reveals new plan to make postal department profitable
The Department of Posts is working on a plan to turn its nationwide network of 1.6 lakh post offices into a profit-generating system by monetising its land assets and developing new business verticals, said Communications Minister Jyotiraditya Scindia told ToI in an interview. The minister said the department is identifying prime real estate it owns across the country and preparing to lease out commercially viable parts while continuing postal operations. He also said the government is looking to redesign the department's operations and introduce new services to make it financially sustainable over the next five years. Post Office's prime land to be monetised 'Whether it's telecom or department of posts, we must sweat our assets. Therefore, if you have a large piece of land, you can have the post office on the ground and build the whole building and lease out space,' Scindia said. The ministry has started compiling a list of all its properties, verifying ownership documents and identifying land parcels with commercial potential. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mujer sorprende a su esposo al reducir arrugas con este truco sencillo. Consejos Rápidos Undo India Post to run like a logistics firm The postal department has been restructured into six strategic verticals including mail, international mail, parcels, Postal Life Insurance, savings bank services, and citizen-centric services. Each vertical will operate as a separate business unit with its own profit and loss statement. Scindia said, 'We have undertaken a business process reengineering and converted the department into six verticals and four horizontals... We are looking at six strategic business units with profit and loss for each of them.' Live Events To support the digital upgrade, a chief technology officer and deputy CTOs have been appointed. The minister expects the organisation to become a full-fledged logistics platform using its vast reach across the country. Cost still exceeds revenue India Post currently incurs expenses of around ₹27,000 crore while generating revenue of about ₹12,000 crore. The government expects the gap to reduce gradually through service expansion, technology upgrades, and monetisation of assets. 'We are working on IT 2.0... The restructuring and capex by govt will hopefully turn it into a profit centre in five years,' Scindia said. Expanding into new services The postal department is partnering with government agencies and private players to offer new services such as Aadhaar enrolment, passport facilitation, and mutual fund distribution. It is also introducing express parcel delivery and new mail products to improve efficiency and relevance. 'No one has the breadth and depth of India Post, even internationally. The point is how much can you push through this pipe and increase different products,' Scindia said. Government investing in the North-East Scindia also highlighted development in the North-East, calling it a major focus for the central government. He said ₹5 lakh crore is being invested in infrastructure, and private firms have pledged ₹4.2 lakh crore in commitments at the North-East Investment Summit. He noted that the Prime Minister has personally visited the region more than 70 times in the past 11 years. India's 5G coverage reaches 99.6% of districts On the telecom front, the minister said India has achieved the world's fastest 5G rollout, now covering 99.6% of districts and 82% of the population. BSNL has installed 94,500 towers and is planning to lead the global 6G rollout. Scindia also confirmed that BSNL turned profitable after 18 years, with quarterly profits in December and March, and a 55% reduction in annual losses.
The Hindu
30-06-2025
- Business
- The Hindu
Interviews for Postal Life Insurance agents to be held from July 7-8 in Eluru
The Eluru Postal Division is set to conduct interviews for the recruitment of new agents for Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) policies on July 7 and 8, announced Postal Superintendent Surakattula Srikar Babu, on Monday. Those who passed Class X or above are eligible for the role, and the applicants must be above 18 years. The opportunity is open to unemployed youth, self-employed persons, former insurance agents, individuals with experience in other insurance companies, retired teachers, anganwadi workers, women's group representatives, ex-servicemen, and any other interested candidates, he said. The walk-in interviews will be held at Eluru Postal Division Office, located near Ambika Temple, Sathrampadu, starting at 10 a.m. on both the days. Candidates are required to bring their original certificates and a detailed resume. Selected candidates will be issued a licensed agent code and are required to submit a security deposit of ₹5,000, which will be invested in NSC or KVP under the agent's name through the post office. For further details contact K.S. Buchibabu, Development Officer, Postal Life Insurance, at the Superintendent's office in Eluru on 8885335548, he added.
Express Tribune
30-05-2025
- Business
- Express Tribune
Postal Life Insurance awaits Rs48b refund
PML-N-led coalition government in the Centre now has 229 members in the NA. PHOTO: APP The National Assembly Standing Committee on Privatization has directed the finance ministry to make a plan of returning Rs48 billion to Postal Life Insurance, as the company is struggling to meet its expenditures. A meeting of the standing committee was held on Friday under the chair of Dr Farooq Sattar. Finance ministry officials told the panel that the government had earmarked Rs14 billion over the last four financial years for the insurance firm. However, it has utilized only half the amount. The company officials told the committee that the organization was established in 2021 on an emergency basis to get Pakistan's name removed from the Financial Action Task Force (FATF)'s grey list. Postal Life Insurance currently possesses Rs48 billion in funds but the amount is lying with the finance ministry, which is neither returning the amount nor paying interest, the company officials told the NA panel. They added that the company failed to pay its clients their insurance claims on time due to paucity of funds.
