New Delhi, Jan 22: The next time your friendly postman tells you `you've got mail', expect more than the routine picture postcard. In fact, at 200 post offices to begin with, as in the Tom Hanks-Meg Ryan starrer, your mail could very well be e-mail. And, according to a statement made by Communication Minister Ram Vilas Paswan today, this facility will be extended across the country by the end of the year. Not just this, the humble post office (as reported by The Indian Express last year) is going to be upgraded in a big way. For one, once an agreement with Western Union Financial Services International gets signed soon, the post office will soon be able to provide international money transfer services across the country. The biggest change, of course, is the Post Office's tie-up with IDBI Principal Asset Management Company, the formal launch of which Paswan was speaking at today. Under the arrangement, all current and future investment opportunities from IDBI will be sold from post offices across the country. That means, the next time you go looking for stamps, or pre-paid envelopes, you can check out the interest rates that IDBI's giving on its 3-year bonds, or its mutual funds, and maybe even compare them with the rates the post office gives on its traditional investment - the National Savings Certificate. (And once IDBI Principal gets its insurance license, insurance policies could also be available at the neighbourhood post office.) `This will make available all current and future investment opportunities from IDBI to the Indian investors through the extensive reach of post offices across India. In the first year itself, the Department of Post will earn around Rs 100 crore in terms of commission', Paswan said while launching the product. Initially, the rollout would cover 80 post offices in four cities of Delhi, mumbai, Calcutta and Patna and reach out to the rest of the country within a year. The move forms a part of the communications ministry's strategy to allow the postal department to explore business opportunities. This is the first time that such a collaboration has been forged between the postal department, and a private sector organisation, Paswan said, adding that this was indicative of the acknowledgement by IDBI-Principal of the vast reach of India post to mobilise investments from potential investors who normally would not have access to such a facility. The postal department comprises 154,000 branches today, has a customer base of 110 million account holders, and has deposits of over Rs 1,82,000 crore. Speaking about the global money transfer facility, Paswan said `theupcoming agreement will enbale instant transfer of money from over 184 countries to India on a real time basis.' The proposed service would be targeted at NRI, international tourists and students, he said. Paswan also said the extra departmental workers (nowcalled dak gram sewaks) would be utilised for more activities like operations of sanchar dhabas and E-mail services of the postal department. IIDB-Principal is a joint venture between IDBI and Principal Financial Group, one of the world's foremost asset management organisations.
