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Punjab postal service to sell rail tickets, mutual funds

CHANDIGARH: The Punjab Postal Service will be tying up with banks and insurance companies to sell their products through its network to earn revenue of up to over Rs.200 crore in 2008-09, according to Chief Post Master General Prithvi Raj Kumar.

“We are taking several steps this year to attain a total revenue of over Rs.200 crore which will allow us to reach a break-even point from our operations in Punjab,” he said.

Revealing the new initiatives to be taken to improve the earnings from postal services, he said: “The department is focusing on entering into agreement with banks, insurance companies and mutual funds to sell their products through its network in a bid to jack up its income. The department has also tied up with Indian Railways for reservation and selling of tickets through its branches, expected to start within two months.”

Mr. Kumar said the postal department in Punjab earns back only 82 per cent of its total expenditure incurred on postal operations. “We are still not able to recover 18 per cent of our expenditure from operations in Punjab. Last year the postal department reported a deficit of Rs.34 crore with a total revenue of Rs.155 crore."

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