On 29 April 2025, the Department of Posts (DoP) also known as India Post, Ministry of Communications (MoC) has signed a Memorandum of Understanding (MoU) with SBI Funds Management Limited (SBIFM), a joint venture between State Bank of India (SBI) and French-based AMUNDI Asset Management company (AAMC), to simplify the customer on-boarding process for Mutual Fund(MF) investors.
- The MoU was officially signed between Manisha Bansal Badal, Business Development Directorate (BDD), DoP and Munish Sabharwal, Senior Vice President, SBIFM at a ceremony held at Dak Bhawan, New Delhi, Delhi.
- The initiative aims to streamline the Know Your Customer (KYC) process, ensure convenience, security and regulatory compliance for investors across India.
Key points:
i.As part of the MoU, India Post, with its 1.64 lakh offices across the country, will facilitate the completion of KYC formalities for SBI Mutual Fund investors.
- The KYC documents will be collected by the India Post’s trained Personnel, ensuring a high level of security, accuracy and privacy.
ii.By leveraging India Post’s nationwide network, investors, regardless of their location, can easily complete the KYC process. This particularly benefits the investors in rural, underserved, and far-flung areas, who often face challenges in accessing traditional financial services.
iii.This collaboration directly supports Government of India (GOI)’s Jan Nivesh initiative, which aims to increase financial inclusion and encourage more people to participate in the capital money market.
India Post Launches ‘Gyan Post’ to enable affordable delivery of Books, Study Materials
Union Minister Jyotiraditya Scindia, MoC and Ministry of development of Northeastern Region(MDoNER) has launched ‘Gyan Post’, a new service to make the delivery of educational, social, cultural and religious books more affordable across India.
- ‘Gyan Post’ will be operational at all department post offices across India from 1st May 2025.
About Gyan Post:
i.Books and printed educational materials sent under Gyan Post will be trackable and transported through surface mode to ensure cost-effective delivery.
ii.The packages can be sent at highly affordable rates, starting from Rs.20 for packets up to 300 grams (gm)and maximum of Rs.100 for packets up to 5 Kilograms (kg), taxes as applicable.
About Ministry of Communications (MoC):
Union Minister – Jyotiraditya Scindia (Constituency -Guna, Madhya Pradesh, MP)
Minister of State (MoS) – Chandra Sekhar Pemmasani (Constituency -Guntur, Andhra Pradesh, AP)
