PLI funds to be invested in market.

Speaking to press persons after inaugurating the modenised General Post Office at Banagluru on Monday (7.9.09), Ms. Radhika Doraiswamy, Secretary (Posts) said that starting from october, 1 funds collected under Postal Life Insurance (PLI) would remain with India Post and would not be moved to the Ministry of Finance like earlier. This fund will be invested in the market, as directed by a board constituted to take care of the safety of public money. State Bank of India and UTI Bank have been appointed fund managers, said Ms. Doraiswamy.

Explaining the other initiatives, she said that Post Offices in towns and cities would soon have ATMs. The department had appointed Accenture to provide technology solutions. This, said Ms. Doaiswamy, was part of the Prime Minister's 100-day programme.

Railway booking facility will also be provided in 5,000 post offices. Ms. Doraiswamy said that India Post would acquire two aircraft of its own to improve cargo services.

(Source: 'The Hindu' dt. 8.9.09)