In 2013, the Mumbai-based company had announced receiving an over Rs 1,100- crore multi-year contract from the Department of Posts for an end-to-end IT modernisation programme.
Like all other state-run entities, India Post is also plagued by high operating costs and compensation to employees.
Reason no 1: India Post is late to the party.
"India Post is open for registration of all vendors for e-commerce business. It will pick up products from vendor and deliver to doorstep of customers," Manoj Sinha said.
India’s 164-year-old government-owned postal service, which has fallen into its traditional public sector mould, attempts to resurrect into a common man’s tech-savvy doorstep banker
IPPB will be available through 650 branches and 3,250 access points. Deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account
All customers will be given a QR code card, different from a debit or credit card, which can be used for making payments by scanning the QR code and authenticating their biometric.
The undelivered letters along with various other packages were discovered by a group of school children, who were playing at the recently abandoned post office.
India Post had received permission from the RBI to start a payments bank in January last year, following which it set up two branches, on a pilot basis, in Raipur and Ranchi
The Indian branch of a French payments company, Lyra Networks India, is responsible for developing the network of PoS machines across the country.
Each of the 62,000 postmen and postwomen in the country will be given two sets of their new outfits, along with sweaters for winter months.
On National Post Day, Kerala postman Ferdinand Perera, who has spent 34 years in the job, longs for the good-old days.
India Post's core business continues to be "snail mail", but it seems to be showing signs of keeping up with the times.
The Aditya Birla Group today said it has received licence from the Reserve Bank of India to start payments bank.
Currently, e-commerce companies cover only 50 percent of the PIN codes. India Post, which has about 90 percent of its post offices in rural areas, can help e-tailers reach out to remote locations.
The Railways will now provide space to postal department and private players to ferry their parcels in the guard's compartment of some selected trains.
"India Post has received payments bank licence. The service will be launched as per schedule," a Department of Posts official said.
The India Post, Jalpaiguri branch, today rolled out a mobile cash van for helping patients' families at the district hospital exchange 500 and 1000 currency notes.
India Posts, which had last year won a licence to operate a payment bank, has not been able to move much on starting operations.
India Post released its first 'My Stamp' on e-commerce featuring Amazon on June 3 to commemorate three years of its partnership with the e-tailer
The India Post payments bank will primarily target unbanked and under-banked customers in rural, semi-rural and remote areas, with a focus on providing simple deposit products and money remittance services
"The counter for eBay sellers at Gurgaon and Faridabad business post center will be exclusive for them to send their products through speed post, registered post or any other service they wish to opt for in both the cities," India Post Master General Gurgaon and Faridabad Umesh Verma said in a statement.
Apart from its own group company Tech Mahindra, Reliance Industries, Bharti Airtel, Vodafone, Aditya Birla Nuvo, Paytm, Cholamandalam Finance and India Post were among the 11 entities to get Reserve Bank of India (RBI) approval for starting payments banks.
"We have tied up with India Post to ensure delivery of quality medicine to each pincode," Netmeds founder and CEO Pradeep Dadha said.
The most exciting part of the issuing of payment bank licences is no one knows how business models will evolve.