Fundamental (First Amendment) Rules, 2014.

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Filling up of vacancies in Assistant Accounts Officer (AAO) cadre in the Postal Accounts Offices on deputation basis amongst the officers working in Central Government & State Government.

To view DOP order CLICK HERE

India Post to install 3000 ATMs,1.35 lakh mirco-ATMs by Sept 15

We will be starting with three ATMs to be installed in New Delhi, Chennai and Bangalore on Feb 5," says postal dept secretary

Even as its application to start a commercial bank is pending, India Post has drawn a massive plan to install as many as 3,000 ATMs and 1.35 lakh micro-ATMs at the ubiquitous post offices across the country for savings account holders by September 2015, a top official has said.

"We will be starting with three ATMs to be installed in New Delhi, Chennai and Bangalore on February 5 and then ramp it up gradually," postal department secretary Padmini Gopinath told a select group of reporters here over the weekend.

She said 1,000 ATMs with the India Post branding will be put in within the first year, which will be ramped up massively to 3,000 in the next 18 months.

To start with, the ATMs can be used only by 26 crore savings account-holders who save with the postal department, but Gopinath exuded confidence that within six months of the launch, they will get the interoperability permission from the Reserve Bank.

Postal savings are worth around Rs 6.05 trillion, which is half the savings in the largest lender SBI and more than double that of the largest private sector lender ICICI Bank.

Through interoperability, India Post will join the National Financial Switch, which will benefit India Post account holders to transact at the banks' ATMs and vice versa, she added.

India Post has been working with software major Infosys on this project, she added.

The micro ATMs will be handheld devices to be operated at the post office level while the ATM will be similar to the one operated by any commercial bank, she added.

The postal department, which has 1.55 lakh post offices over 90% of which are in villages, offers the savings account to people across the country and pays an interest of 4% per annum for such deposits. The account offers cheque facility at present.

It can be noted that the Department of Posts is fighting a very contentious battle to convert itself into a full fledged bank, asserting that its reach can help achieve the goal of financial inclusion.

However, the finance ministry has expressed some reservations about the idea, while Telecom Minister Kapil Sibal has exuded confidence of winning over his Cabinet colleagues to get the go ahead for the 'Postal Bank'.

Source : http://www.business-standard.com

Fixed Stationery Charges for Post Offices, Circle Pairing Units, S.B.C.O. in Head Post Offices and IPOs/ASPOs holding independent charges of Sub-Divisions under Rule 341-A and Rule 341-AA of P&T Manual Vol. II-increase of - revision of.

Opening of New Philatelic Bureaux

More HPOs rolled out to CBS...

Today, following Head Post Offices are being rolled out to CBS.

1	Delhi	Indraprastha HO
2	Maharashtra	Aurangabad H.O
3	Tamilnadu	Mayiladuthurai
3	Rajasthan	Shastri Nagar H.O
4	Rajasthan	Sawaimadhopur H.O
5	Tamilnadu	Tirunelveli HO
6	Tamilnadu	Palani HO
7	Tamilnadu	Pollachi HO
9	Tamilnadu	Coimbatore HO
10	Karnataka	Madiya HO
11	Karnataka	Sirsi HO
12	Karnataka	Nanjangu HO
13	Rajasthan	Hanumankhar Jn HO
14	Rajasthan	Nasarabad HO
15	Maharashtra	Dhule HO

Why people are parking money in post office deposits and NSC instead of god

Plentiful rains during monsoons have led to bumper crops, delivering a bounty to rural India as expected, but it's not gold that people seem to be buying with their surplus income.

People in villages and semi-urban areas are parking money in Post Office deposits and National Savings Certificates, instead of the usual practice of buying gold with their extra cash. That is a welcome change as India's penchant for gold had wreaked havoc with the country's external balances.

Though numbers are available only till November, agencies involved with small savings say 2013-14 will be a trend reversal year for financial savings. "There is 10% growth in the current financial year (in small savings)," said a government official handling small savings.

Inflows to savings instruments had dipped in the past couple of years as a combination of low economic growth and high inflation forced people to put their money in gold. Some also invested in real estate. India's domestic savings rate declined to 30.8% in 2011-12 from 34.0% in the previous year, the Reserve Bank of India had said in its annual report. But interest in gold is waning.

Steps by the government and central bank to curb gold imports have driven up its price, and many expect returns from the yellow metal to fall.

The nature of inflows into small savings instruments - deposits and savings certificates - suggests inflows are largely rural, the official said. The agriculture sector, the main employer of rural workforce, expanded 3.6% in the first half of the current fiscal year, up from 2.3% a year earlier, and the growth is expected to gather pace in the rest of the year because of the good monsoon.

Against a budgeted outflow of Rs 13,690 crore, there was a net inflow of Rs 3,940 crore in deposits and certificates in the April-November period. In contrast, the public provident fund saw an inflow of only Rs 6,428 crore against the more than Rs 28,000 crore expected for the same period.

Higher interest rates offered by small savings schemes have improved their attractiveness, and helped wean investors away from gold. The government had revamped the national small savings fund in December 2011, benchmarking returns on to market interest rates. Interest rates are now notified at the beginning of every financial year based on the average yields on government securities of similar maturity, with a positive rate spread of 25 basis points.

The fourth quarter is expected to bring in more robust inflows from urban areas as tax savers rush to make their deposits before the end of the fiscal year, the official said. According to him, these savings typically displayed a cyclical character.

Finance minister P Chidambaram had identified increasing savings as one of the focus areas for the government. "A high level of savings is a precondition to a high level of investment," Chidambaram had said after returning to the finance ministry in 2012.

The government and the RBI together had announced inflation-linked bonds to wean people away from gold. India imports most of the gold it consumers. According to authorities, huge imports of the metal were a key reason for India's wide current account deficit, which had pulled the value of the rupee to its lowest level against the dollar in August last year.

Source:-The Economic Times