Financial Daily from THE HINDU group of publications
Thursday, Nov 06, 2003
Financial Daily from THE HINDU group of publications Thursday, Nov 06, 2003 |
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Industry & Economy
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Small Savings India Post hopes to mop up Rs 5,000 cr in small savings Our Bureau
Coimbatore , Nov. 5 INDIA Post (Tamil Nadu circle) is targeting a net collection of Rs 5,000 crore from small savings this fiscal. "We are confident of achieving the target," Mr U. Srinivasaraghavan, Chief Post Master General, said here today. Comparing the amounts mopped up last fiscal and the earlier year, he said "as against Rs 1,800 crore in 2001-02 fiscal the net small savings collection shot up to Rs 2,903 crore last year. Considering the response to the small savings certificates and other tax savings schemes, we are confident of touching the Rs 5,000-cr mark this fiscal." The Postal Finance Mart would be a one-stop shop offering not just the retail products but investment counselling services as well, he said. The first such mart was kick-started at Madurai in September. India Post is all set to inaugurate its second mart at Pudukottai on November 7, to be followed by more such Postal Finance Marts at Coimbatore, Salem, Tiruchi and Chennai before the end of the current calendar year. Mr Srinivasaraghavan said the entire collection was given to the State Government (as loan) for infrastructure development. "In the last two years, our revenues have registered a 25 per cent growth. We are intent on increasing our income. We also market postal life insurance on behalf of the Ministry of Finance and do lots of other activities such as pension disbursement to the armed forces, telecom sector etc. In a way, focusing on retail products enables us to cross-subsidise our products, making it more affordable to the common man," he added. Mr Srinivasaraghavan expressed discontent about the reported move to rope in self-help groups (SHGs) in collection and delivery of letters. "It is an illegal act and could have adverse implication on the postal system. The Government should desist the move," he said.
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