The postal department has changed the attire of its staff for a smarter, more corporate image.
The stage is set for International Yoga Day celebrations tomorrow as India leads 191 countries to mark the day with over 35,000 participants expected to perform various yoga 'asanas' at a mega event on Rajpath in New Delhi.
The department of posts has decided to change the colour of uniform worn by postmen and Group D staff in the field units from khaki to blue.
Rural Postal Life Insurance, a scheme administered by the Department of Post for the rural populace, has grown manifold to develop business worth Rs 6,000 crore (Rs 60 billion) for the 2003-04 fiscal from Rs 550 crore (Rs 5.50 billion) in 1999.
Costlier fruits and vegetables such as onions and tomatoes pushed retail inflation to a nine-month high of 11.24 per cent in November, making it harder for the Reserve Bank to lower interest rates.
A set of four postal stamps and a special cover on Prime Minister Narendra Modi conceptualized by a philatelist from Bihar has been issued by the department of posts.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Eyeing $9 billion business opportunity in booming e-commerce business, India Post, which has the biggest network and serves the last mile, is boosting its infrastructure for real-time tracking of parcels through satellites using a new technology.
Terming the rise in October retail inflation despite a bumper crop as "disturbing", India Inc said the government must immediately address supply side bottlenecks to bring down the consumer price inflation.
In August, RBI allowed 11 business houses to start a payments bank.
The RBI has agreed to consider the application of India Post in consultation with the government.
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
The DoP has moved a Cabinet note for the government to provide Rs 500 crore (Rs 5 billion) as initial capital to India Post towards starting a bank.
The scrutiny is expected to be over this month itself.
Government to pay disproportionately high interest for borrowings from savings, overturning a nearly two-decade-long process of reforms in the management of public debt.
India Post may be keen to apply for payment bank licence.
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The RBI has accepted the application withdrawal request, according to the statement.
On Monday, RBI announced that 26 entities, including Tata Sons, LIC Housing Finance, Aditya Birla Nuvo, Department of Posts, Reliance Capital, L&T Finance and Bajaj Finserv, applied for grant of bank licences.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
After being marginalised by the Trinamool Congress in West Bengal, the Left parties have appealed the prime minister to issue a commemorative stamp in the late leader's memory. Anita Katyal reports.
It will escalate costs, mandate regulator to check malpractices, set standards.
The 30-share BSE Sensex closed down 162 points at 28,338 and the 50-share Nifty was down 67 points at 8,463.
Finance ministry maintains that all KYC requirements will be followed.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
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