Post department to set up insurance company in 2 years: Manoj Sinha

The Department of Posts is working to set up an insurance company after launching of a payments bank and the parcel directorate, Communications Minister Manoj Sinha said.

"Departments of Posts is now reincarnating itself. After diversifying its business with parcel directorate and payments bank, the department has decided to set up insurance firm as a special business unit in two years," Sinha told PTI.

"The request for proposal to appoint a consultant for setting up insurance unit will be floated in the coming week," Sinha said.

Prime Minister Narendra Modi launched India Post Payments Bank (IPPB) on September 1 that aims to take banking to the doorstep of every citizen by arming three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services.