One of the oldest organizations in India is Indian Post; which is operating since post independent era. The biggest advantage Indian Post has is its reach. Every small village in India has a post office situated at the center place. Over these years, Post has been working in more traditional way of delivering the mails and register posts.
If we try to think beyond the traditional way of delivering the mails and think towards building it as a financial institute which delivers the banking and financial services to the rural Indians through its sheer reach. The economics of Microeconomics can be better accomplished through Indian post. Why can’t we convert post in to Indian Postal Bank?
Post can be converted in to financial services arm where the investment, insurance, debt funds and other financial products can be sold. But it is extremely important to note that these products are being sold to rural India and caution should be exercised while selling them. It’s not easy to sell mutual funds to a farmer!
Indian government releases so many products to rural and semi-urban citizens; why can’t we route them through post? This will ensure that there will be crowd getting pulled in to a post office and build set of products/services to be sold in post. It could be stationary, or greeting card or some on the counter medicine. Just sell what sells!
It needs a drastic change, I know this fact. But, it has to work like a corporate and come up with more diversified offerings according to geography and local conditions.
A drastic thinking is required?
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