The Government has planned to open 81 Sub-Post Offices and 100 Branch Post Offices during the current financial year 2017-18 under the Scheme – “Rural Business & Access to Postal Network”. Minister of Communications Shri Manoj Sinha said in a written reply to a question in the Lok Sabha today that the Department of Posts has also planned to open 66 Branch Post Offices by creation of new posts in 32 worst affected Left Wing Extremism (LWE) districts in the country under the aforesaid scheme in the current financial year.

Shri Sinha informed that out of 25,350 post offices in the States of the Country, 25,348 are computerised. He said that the Department of Posts takes action, from time to time, to induct technology and upgrade the system to cater to the growing market requirements and to increase revenue earnings. The Minister said that the increase or revision of rates of postal products and services is an ongoing exercise carried out from time to time and that there is no proposal to increase the rates of premium Business Development products at present.

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The Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16, here today, said that the government is committed to increasing access of the people to the formal financial system. In this context, Government proposes to utilize the vast Postal network with nearly 1,54,000 points of presence spread across the villages of the country . The Minister hoped that the Postal Department will make its proposed Payments Bank venture successful so that it contributes further to the Pradhan Mantri Jan Dhan Yojana.

Shri Jaitley said that to bring parity in regulation of Non-Banking Financial Companies (NBFCs) with other financial institutions in matters relating to recovery, it is proposed that NBFCs registered with RBI and having asset size of Rs. 500 crore and above will b considered for notifications as ‘Financial Institution’ In terms of the SARFAESI Act, 2002.

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