Achievements and Success of Department of Posts

Average business provided by major players is as follows:

Amazon: ~3 Lakh articles per month (peak 6 Lakhs)

Snapdeal:80000 articles per month

Myntra:50000 articles per month

Flipkart:30000 articles per month

Yepme:60000 articles per month

Parcel Revenue: Rs. 92.35 Crores till Nov 2015

Speed Post revenue: Rs. 1023 Cr till Nov 2015 (~10% eCommerce business) 

COD remittances : Total >Rs. 1000 Cr till Dec 15 Profile of Revenue Stream (in Rs Crore)
Products	2013-14	2014-15	2015-16(Upto Nov)
Speed Post	1372.2	1495.2	1023.5
Business Post	1029.5	962.5	553.7
Bill Mail Post	103.0	103.6	62.4
Express Parcel Post	77.6	64.3	38.0
Retail Post	70.2	84.4	51.5
Sale of Stamps	670.7	576.2	345.7
Logistics Post	15.3	24.4	10.7
Money Orders	606.9	632.3	331.9
Others	869.8	1023.0	415.3
Revenue from P.O.	4815.2	4966.0	2832.6
SBCC	5915.3	6670.0	5092.5
Total Revenue	10730.4	11636.0	7925.1

 · Revenue Growth  

· Speed Post revenue growth in the current FY is more than 16%. CAG report laid in Parliament on 8th May 2015 highlights that Speed Post is far better than private couriers, in terms of reach, assured delivery and delivery time.  

– Department has tied-up with more than 400 e-commerce agencies including Flipkart, Snapdeal, Amazon, YepMe, Shopclues etc for delivering e-Commerce pre-paid as well as Cash on Delivery (CoD) orders. Amazon is the largest business partner in e-Commerce. Rs 1000 Crore COD collection by Department of Posts so far and this figure this likely to cross Rs 1500 Crores by the end of the current FY.  

– Parcel revenue which registered 2% decline in 2013-14, registered 37% growth in 2014-15. 117% growth in parcel revenue till 31st October 2015 in the current FY. 

· Digital India  

– Core Banking Solution (CBS) rolled out in 12441 Post Offices along with 300 ATMs. CBS shall be rolled-out in all 25,000 Departmental POs along with 1000 ATMs by 31st March 2016.  

– Core Insurance Solution (CIS) rolled out in 23,792 Post Offices and shall be rolled out in all 25,000 Departmental POs by 31st March 2016.  

– Supply of solar powered, biometric hand-held devices with connectivity to about 20,000 rural Branch Post Offices shall be completed by 31st March 2016. All 130,000 rural post offices would be provided with hand-held devices by March 2017.  

• Promoting Financial Inclusion 

– India Post Payments Bank (IPPB)- RBI has accorded in-principle approval for setting up of Department of Posts Payments Bank on 7th September 2015. IPPB shall be set up by March 2017 and shall leverage the physical and IT infrastructure of the Post office, using low-cost, low-risk, technology based solutions to extend access to formal banking especially in rural, un-banked and under-banked areas, including MSMEs, small entrepreneurs, Village Panchayats & SHGs 

– Number of Post Office Savings accounts increased from 30.86 Crore to 33.60 Crore and total deposits of POSB accounts and Cash Certificates to Rs 6.5 Lakh Crore.  

– More than 80 lakh Sukanya Samriddhi Yojana accounts opened with a cumulative investment of more than Rs 2900 Crore since launch on 22nd January 2015.  

– More than 1.84 Crore Kisan Vikas Patras sold, attracting an investment of more than Rs 16,429 Crore since launch on 18th November 2014.  

– Launch of PM Suraksha Bima Yojana and PM Jeewan Jyoti Yojana for Post Office Savings Bank account holders in CBS Post Offices. So far, more than 57,000 policies have been sold to POSB customers.  

– Increase in maximum sum assured in Postal Life Insurance from Rs 20 Lakh to Rs 50 lakh and for Rural PLI from Rs 5 lakh to Rs 10 lakh in order to provide more investment opportunities to customers and also increase claim amount to nominees in case of death. 

ClickHere to view details