Postal department to spin off life insurance into SBU

Communications Minister Manoj Sinha has said that the postal department is planning to spin off the operations of postal life insurance and rural postal life insurance into a separate business unit (SBU). Sinha stated ‘for postal Life Insurance and rural postal life insurance we have moved a Cabinet note. In the first phase it will involve creation of an SBU and in second phase a full fledged insurance company.’

Besides, he said India Post Payments Bank (IPPB) has rolled out 1.26 lakh access points over the last five months and over the next week or 10 days the number is expected to rise to 1.36 lakh.