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Journalism of Courage
To make post offices more viable, a high-level task force on leveraging the postal network has recommended setting up business units in e-commerce, distribution, banking and financial services and insurance sectors, under the overall supervision of the department.
The recommendations, released on Thursday by the panel led by TSR Subramanian, also propose to enact a new law enabling the creation of the holding company which will control the various subsidiary business units.
Union minister for communications and IT, Ravi Shankar Prasad, said that no jobs will be lost while restructuring, and that there would be no hike in cost of postcards despite escalation of losses.
“With the immense reach the postal system in rural India, it serves the poor. In no case will we be hiking the prices of these services. We will act speedily on these recommendations to enhance the revenues,” Prasad said.
The department last undertook tariff revision in 2002, with post cards still costing 50 paise even though 50 paise coins are out of circulation.
“During 2007-08 and 2011-12, revenues earned by the DoP increased by 43 per cent while the expenditures went up 96 per cent,” he said.
Standardise mobile norms: RBI to banks
MUMBAI: The Reserve Bank of India has asked banks to standardise the procedures relating to on-boarding of customers for mobile banking.
In a circular issued to commercial banks on Thursday, the RBI said banks should strive to provide options for easy registration for mobile banking services to their customers, through multiple channels, thus minimising the need for the customer to visit a branch for such services.
“The time taken between registration of customers for mobile banking services and activation of such services should also be minimal,” the circular added.
