The good old post offices are constantly reinventing themselves in order to stay relevant and attractive in today’s day and age. Often considered as the backbone of the country’s communication channel having the deepest and farthest network, India’s post offices aren’t just a mere postal service but an office with a slew of services ranging from banking, insurance to export services for MSMEs.
With an aim to help exporters in this region (i.e. pharma, sea foods and others) ship their products abroad the Department of Posts opened a Foreign Post Office in Vijayawada on Jan 31st 2019.
‘Thanks to the universal postal union we can reach 206 countries. And I don’t think any other courier company can reach so many countries’ said Dr M Venkateswarlu, IPoS, Post master general Visakhapatnam region speaking to Vizag Industrial Scan.
With Custom clearance now available in Vijayawada he says there are slew of advantages exporters from this region can avail through this facility.
Similarly for parcels the department of posts has opened 42 parcel hubs across the country. ‘We have 242 model delivery centers wherein there are automated machines for sorting’ said Dr Venkateswarlu.
Indian Post offices primarily have two sources of revenue one from their core operations of Mail while the other being the Financial services arm (savings bank and life insurance)
In terms of revenue split between them Dr Venkateswarlu informs that the post office’s financial services arm contributes a bigger chunk than its mail services.
‘We are opening plethora of accounts in villages. The post office savings bank is the 2nd largest in terms of deposit after SBI’ said the post master general.The number of savings accounts opened during the last fiscal in the four districts amounted to a whopping 427499 with Visakhapatnam contributing the highest of 131429 (see table).
Similarly life insurance is another big service offering of the post office. ‘In life insurance we are the 3rd biggest with about Rs.96000 crores in premium collections (pan India) said the postmaster general.
‘We are the oldest life insurance provider in the country’ he added.
In regards to mail operations it is stated that the major revenue comes from speed post and parcels.
For the Visakhapatnam region the numbers (mail) stood at Ordinary mail- 9.94 crores; Registered Post- 72 lakhs; Speed Post- 1.04 crores and parcels- 9.41 lakhs
The office of the post master general Visakhapatnam encompasses the four districts of Srikakulam, Vizianagaram, Visakhapatnam and east Godavari for which it achieved a total revenue of Rs 257.38 crores in the last fiscal. This marked a growth of 3% compared to the Rs 249.71 crores revenues it did in fiscal 2017-18.