The Department of Posts (DoP) would provide bill payment, travel and forex solutions, sell gold coins and stationery through its new service wing Retail Post.
This would add about Rs 500 crore to its revenues annually after two years. The initiative would be launched in about 5,000 post offices in the country by this fiscal end.
The DoP had received licence from the RBI to provide forex services through 235 offices. The Retail Post service would sell gold coins through 500 offices from next month. It would set up stalls in PPP mode to sell postal stationery, packing material, greeting cards and souvenirs.
The DoP is looking to more than double its revenues from Rs 6,500 crore to Rs 14,000 crore in three years. It would invest around Rs 2,000 crore in two years for technology upgradation, according to a release.