India Post's ATM plans hit RBI hurdle

India Post's plan to set up automated teller machines (ATMs) in its post offices may fail to impress the banking regulator.

India Post is in talks with the Reserve Bank of India (RBI) to set up ATMs. However, since according to norms, only banks are allowed to set up ATMs, the central bank is not in favour of allowing India Post to set up ATMs. According to sources in the banking industry, if India Post set up ATMs, they should fall under the RBI's purview for regulation purposes.

India Post has proposed to set up a subsidiary, Post Bank of India, for providing banking facilities. It has also identified nearly 1,000 post offices, out of its 1.5 lakh post offices, where the ATMs would be initially set up.

The sources said though RBI is uncomfortable with the idea of India Post setting up ATMs, it is yet to formally communicate its apprehensions to the department of post.

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India Post rejects bids of HCL Comnet, Wipro, Dimension Data and UTL for Cisco's IT upgradation equipment

NEW DELHI: India's postal department has rejected the bids of four companies - HCL Comnet, Wipro,Dimension Data and UTL - to build an IT network that connects 30,000 post offices across the country, citing the 'obsolete equipment' being provided by Cisco, the technology partner for these bidders. 

After the disqualifications, the department has shortlisted HP, IBM, TCS and Sify for its Rs 1,300-crore project aimed at modernisation of the IT infrastructure of post offices, two officials with direct knowledge of the development told ET. All these companies have opted for a combination of Juniperand HP to be their technological and hardware partners for the project. Cisco is the world's largest company in networking equipment, such as routers, and customer premise equipment. 

The contract will be awarded after the financial bids of these companies are examined. But the project could run into a hurdle as Cisco has approached the Communication & IT ministry against the rejection of bids of companies partnering with it. It is also learnt that Cisco has besieged the postal department not to open the financial bids of the shortlisted companies until its concerns are addressed. 

Finance ministry pushes for increase in PPF, Post office Rates:

NEW DELHI: Faced with a cash crunch, the finance ministry is moving a proposal to increase interest rates on small savings schemes such as Public Provident Fund and post office deposits but politics may play spoilsport.

Official sources told TOI that finance minister Pranab Mukherjee will decide on the proposal over the next few days as small savings instruments have lost out to bank deposits that earn higher interest. As a result, the government has been forced to borrow Rs 53,000 crore more from the market by issuing bonds, a move that can increase interest rates further and also upset budgetary calculations.

If Mukherjee approves an increase in interest rates on small savings, your PPF will fetch you at least 8.2%, instead of 8% now, while senior citizens can hope to earn around 9%. In addition, individuals will be permitted to park Rs 1 lakh in PPF accounts instead of Rs 70,000 at present. Similarly, post office deposits will fetch 50-70 basis points higher (100 basis points = one percentage point).

But politics over two schemes are holding back a green light from the finance minister. Sources said the finance ministry has received several representations from individuals urging not to abolish the Kisan Vikas Patra (KVP), while nearly 5 lakh agents have opposed the move to cut the commission on Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) to 1% from 4%.

INDIA POST CELEBRATES POSTAL WEEK FROM OCTOBER 9-14

The India Post will celebrate the National Postal Week by launching various projects from October 10 – 14. The week is being celebrated in connection with World Post Day which falls on October 9.

Oct -  9  :   World Post Day 

Oct - 10  :   Saving Bank Day

Oct - 11  :   Mail day


Oct - 12  :   Philatelic day


Oct - 13  :   Business Development day


Oct - 14  :   Postal Life Insurance Day