Is Indian post in loss?
With an annual loss to the exchequer of Rs. 19,000 crores in fiscal year 2019 and Rs. 15541 crores in 2020, the postal department has been India's top loss-making entity.17-Nov-2021
The payments bank incurred a loss of Rs 320 crore in 2020-21, Rs 334 crore in 2019-20, Rs 165 crore in 2018-19 and Rs 97 lakh in the previous fiscal year.27-Jan-2022
Is Indian post is going to be Privatised?
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 2021-22.05-Feb-2021
21.36 sq.km
What is the future of India Post?
India Post has the potential to be the flyover that can link rural India with urban India. It has the potential to accelerate savings through financial inclusion. It can be the real and virtual market platform for farmers. It can deliver both credit and insurance to small farmers and micro enterprises.28-May-2022
Is Post Office investment safe and tax-free? Ans. Yes, it is safe as investments under Post Office bear sovereign guarantee of Government of India. All these schemes are tax exempt up to a certain limit and some schemes like PPF, Sukanya Samridhi Yojna have tax benefits on returns as well.02-Aug-2022
Is India post a PSU?
India Post is a government-operated postal system in India, part of the Department of Post under the Ministry of Communications. Generally known as the Post Office, it is the most widely distributed postal system in the world.
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.21-Apr-2022
Is IPPB a public sector bank?
INDIA POST PAYMENTS BANK LIMITED, a public limited company wholly owned by the Government of India through Department of Post under Ministry of Communication and set up under the Companies Act, 2013, and the Banking Regulation Act, 1949 as a Payments Bank under the Department of Posts and in line with relevant
USPS ended fiscal 2021 with a $4.9 billion net loss, its 15th consecutive year of net losses. However, that net loss is nearly half the $9.2 billion loss it reported in fiscal 2020, and agency executives say USPS remains on track to break even as early as fiscal 2023.10-Nov-2021
What happens if post office is privatized?
A privatized USPS would pay federal, state, and local taxes. Members of Congress often express concern when major companies do not pay taxes. The USPS is a $70 billion company that does not pay taxes. Paying taxes would put the USPS on a level playing field with other businesses.09-Jul-2019
New Delhi, Mar 13: Government today ruled out in the Rajya Sabha privatisation of postal services in the country. Rajya Sabha privatisation of postal services in the country.13-Mar-2003
Which is the largest post office in India?
Mumbai GPO was formed in 1794 although the office moved into the present building on April 12, 1913. Spread over 1 lakh sq ft, this is the biggest post office in India.13-Apr-2013
Till 1963, the GDS or the Extra Departmental Agents were treated as Government employees and were covered by the service conditions applicable to civil servants. However, the Department of Post reversed this position thereafter and contended that they are not Central Government employees.
Which country has largest postal network?
India
Despite being publicly owned, the Post Office Ltd Board have responsibility for the day-to-day operations of the Post Office. However, the Post Office Ltd remains accountable to the government and must maintain at least 11,500 branches which are subject to access requirements, as described below.18-Oct-2021
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.
The Post Office savings bank is the oldest and by far the largest banking system in the country, serving the investment need of both urban and rural clientele. These services are offered as an agency service for the Ministry of Finance, Government of India.
Which is better bank or post office?
Apart from banks, FD schemes are also provided by Post Offices. While comparing the rate of interest offered by the State Bank of India fixed deposits for a tenure of five years and post office term deposits for the same tenure, the difference comes to around 1.2%.03-Apr-2022
10 years and 4 months
Which FD is better SBI or post office?
On the 5-year FD tenure, SBI offers a 5.5 per cent interest rate while post office term deposits offer an interest rate of 6.7 per cent. The new interest rates for post office term deposits came into effect in the new financial year from April 1, 2022.07-Apr-2022
Is Indian post in loss?