For
the first time in ten years, India Post will soon increase charges for
postal services upto 20% to meet its operational costs. The decision,
which awaits the Reserve Bank of India's approval, would rake in
additional revenue of about Rs. 1000 crore as it gears up to convert
more than 1.5 lakh post offices into full-fledged banks.
The
hike on speed post, inland letters, money orders and post cards also
comes because the government has moved towards corporatisation of India
Post. Post offices currently offer financial services such as
savings bank accounts, postal life insurance, pension payments and money
transfer services.
A
top india post official confirmed that the hike has been approved by
the Postal Regulatory Commission. India Post officials argue that the
charges are heavily subsidized and much lower than the cost of services
being offered by private courier services.
Despite
having initiated the new hybrid mail service ePost, railway ticket
vending and sale of gold coins, India Post has not been able to generate
additional revenue. Till last November, it earned over Rs. 81 lakh.
via-saparavur
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