Is Indian post profitable?
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Is Indian post profitable?
A few numbers: Nearly 156,000 post-offices, 90\% in rural locations. Over 416,000 employees, of whom 41\% are direct staff and 59\% are Gramin Dak Sewaks (GSD). Revenue Rs13,600 crore, loss Rs14,800 crore plus pension Rs10,000 crore pa (per annum) (guesstimate).
Will post office be privatized in India?
Government departments, such as Railways, Posts, Airports Authority of India, major port trusts, and those that undertake commercial operations with development mandate, will not come under the ambit of the new PSU privatisation policy announced in the Union Budget 2021-22.
What is the vision of India Post?
To sustain its position as the largest postal network in the world touching the lives of every citizen in the country. To provide mail parcel, money transfer, banking, insurance and retail services with speed and reliability. To provide services to the customers on value-for-money basis.
Is India Post running in loss?
India Post Now Biggest Loss-making PSU, Loses Rs 15,000 Crore In FY19.
Is BSNL a loss-making company?
The revenue from operations of the company declined by 1.6 per cent to Rs 18,595.12 crore in 2020-21 compared to Rs 18,906.56 crore it reported in 2019-20, the official said. The company had posted a loss of Rs 15,499.58 crore in 2019-20. …
Is postal department in loss?
In the past three fiscals, the revenue deficit of the Department of Posts, trading as India Post, has ballooned nearly 150\% from Rs 6,007 crore in FY16. It is now reportedly the biggest loss-making PSU, leaving headline-grabbing losses of the likes of Bharat Sanchar Nigam Ltd (BSNL) and Air India far behind.
How many PSU are Privatised?
The government will invite financial bids for privatisation of five to six public sector undertakings (PSUs) in December-January, and close these transactions in the current financial year, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said.
Who is the head of India Post?
Postal Services Board, Dak Bhawan,New Delhi-110001.
| Name | Designation | EPABX |
|---|---|---|
| Shri Alok Sharma | Director General(Posts) | 4709 |
| Ms Aindri Anurag | Member (Operation) | 4713 |
| Ms. Smita Kumar | Member (Technology) | 4707 |
| Sh. Ashok Kumar Poddar | Additional Director General(Coordination), PSB | 4708 |
Who governs the post office?
USPS is operated by a 11-person Board of Governors (which resembles the board of directors of a public corporation)—the Postmaster General, his deputy (currently vacant), and nine governors appointed by the President and approved by the Senate for seven-year terms.
How will India Post’s new post office network help the economy?
India Post’s massive 4.2-lakh workforce and 1.56 lakh-strong post office network will provide a tremendous platform as postmen will be converted banking correspondents while post offices will work as bank branch extensions for deposits and loans.
Why is India Post losing money?
Like other loss-making public-sector enterprises, India Post’s finances are weighed down by high pay-and-allowance costs, now at over 100\% of its annual revenue. India Post’s FY20 pay and allowances were estimated to be Rs 17,451 crore or in FY20 or 142\% more than revenues of Rs 12,211 crore.
Will India’s economy recover from the current crisis?
However, India’s economy has taken a massive hit. Official estimates indicate a sharp contraction in India’s economic activity in 2020. A return to positive growth is expected this year. However, if experience from previous shocks is any indication, there will be lasting damage.
Can India Post reinvent itself as a bank?
Loss-making India Post, having a size and workforce hugely disproportionate to its shrinking role, may reinvent itself by becoming a full-fledged bank.