Question

Post offices are undertaking various financial transactions too. Justify.

Answer 1

Hint: A post office is a public facility that includes providing and accepting government forms, processing government services and fees. The chief administrator of a post office is called a postmaster.

Complete answer: The Indian Postal Department is planning to start a bank to be tentatively called the “Postal Bank of India” with the network of post offices spread all over India. Around 90 percent of them are in and around semi-urban and rural areas. Post offices undertake several financial transactions such as:
-National Savings Certificates
-Kisan Vikas Patra
-Monthly Recurring deposits
-Postal life insurance
-Postal savings certificates
-Pension payment
-Money transfer etc. are being undertaken by post offices.
The Postal Department is facilitating a capital investment of Rs. 1,000 crores for the bank transactions. It will be set up as an aid with the Postal Department.

Note: -India Post initiated the celebration of the National Postal Week, starting with World Post Day which is celebrated every year on 9th October.
-The Department of Posts has undertaken a scheme called Five Star Villages which seeks to link the gaps in public awareness and reach of postal products and services, especially in interior villages.