Latest news with #DepartmentofPosts
Time of India
5 hours ago
- Business
- Time of India
Genesys integrates DIGIPIN into national 2D and 3D maps
Geospatial solutions provider Genesys International has become the first company in India to integrate DIGIPIN — the country's standardised digital address layer — into its nationwide 2D and 3D mapping systems, under the government's DHRUVA framework. The move positions Genesys as a key player in the development of India's Digital Public Infrastructure (DPI), alongside existing frameworks like Aadhaar and UPI. The platform spans over 400 million building footprints, 8.3 million kilometres of road networks, and more than 19,000 PIN-code zones. It enables real-time address generation, lookup, and visual verification capabilities across both 2D maps and 3D Digital Twin models. DIGIPIN, developed in collaboration with the Department of Posts, allows for the creation of precise, interoperable addresses across the country. Genesys has extended its use to 3D city models, linking address data with urban infrastructure and emergency services, offering deeper spatial insights compared to conventional maps. The company said the mapping infrastructure is built for scale and will allow role-based access for governance entities, service providers, and end-users. It also supports consent-based data sharing and integration with legacy addresses. Genesys is currently working with several government departments, Smart Cities, and municipal bodies to support rollout and adoption.
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Business Standard
a day ago
- Business
- Business Standard
Experts believe the tie-up could help resolve long-standing bottlenecks in KYC compliance, particularly in underserved regions
The Department of Posts (DoP) has partnered with the Association of Mutual Funds in India (Amfi) to provide Know Your Customer (KYC) verification services through its vast network of over 164,000 post offices across India. The agreement, signed on July 17, aims to streamline KYC compliance for approximately 241.3 million mutual fund folios, including 190.4 million equity, hybrid and solution-oriented schemes. 'This collaboration harnesses our extensive postal infrastructure to support financial inclusion and simplify KYC processes for investors nationwide,' said Manisha Bansal Badal, general manager (Business Development), Department of Posts. Why does this matter for investors? KYC compliance is mandatory for investing in mutual funds. Until now, offline investors had to visit asset management companies (AMCs) or registrar offices for document verification. Under this initiative, postal employees will assist investors in: Completing KYC forms Verifying and attesting self-attested documents Forwarding them to AMCs for processing 'This MoU marks a significant step in the industry's efforts to ensure regulatory compliance for investors residing in remote areas,' said VN Chalasani, chief executive, AMFI. Experts see a big boost for participation Financial experts say the tie-up could help resolve long-standing bottlenecks in KYC compliance, particularly in underserved regions. 'Enabling KYC at post offices is a strong move. In rural and semi-urban areas, trust matters more than tech, and post offices are trusted places. This will remove a key entry barrier for mutual fund investors in these regions,' said Navy Vijay Ramavat, managing director, Indira Group. 'For those whose KYC is stuck or rejected, this brings a much-needed physical touchpoint. Even in bigger cities, many people still struggle with digital-first norms. If executed well, this step can bring first-time investors into the fold, not just by simplifying KYC, but by making investing feel accessible, human, and local,' he added. Niranjan Babu Ramayanam, chief operating officer, Anand Rathi Wealth Limited, believes this partnership could be a game changer, 'As per industry sources, there are many clients who have invested in the past but have not updated their KYC as per the latest regulatory requirements. With the widespread presence of post offices across the country, this MoU will help AMCs reach such clients and assist them in updating their KYC to restart investments.' he said India added nearly 9.7 million new mutual fund investors in FY25. Experts say this initiative could unlock further growth, especially as Sebi's tightened KYC norms have left many investors unable to transact. 'This initiative will help resolve the KYC 'On Hold' or 'Rejected' statuses more efficiently, especially in rural areas where investors lack guidance to complete documentation,' said Ramayanam. 'There will be a substantial rise in SIPs from such investors once their KYC is validated.'
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Business Standard
a day ago
- Business
- Business Standard
Updating your mutual fund KYC? Post offices can now do it for you
The Department of Posts (DoP) has partnered with the Association of Mutual Funds in India (Amfi) to provide Know Your Customer (KYC) verification services through its vast network of over 164,000 post offices across India. The agreement, signed on July 17, aims to streamline KYC compliance for approximately 241.3 million mutual fund folios, including 190.4 million equity, hybrid and solution-oriented schemes. 'This collaboration harnesses our extensive postal infrastructure to support financial inclusion and simplify KYC processes for investors nationwide,' said Manisha Bansal Badal, general manager (Business Development), Department of Posts. Why does this matter for investors? KYC compliance is mandatory for investing in mutual funds. Until now, offline investors had to visit asset management companies (AMCs) or registrar offices for document verification. Under this initiative, postal employees will assist investors in: Completing KYC forms Verifying and attesting self-attested documents Forwarding them to AMCs for processing 'This MoU marks a significant step in the industry's efforts to ensure regulatory compliance for investors residing in remote areas,' said VN Chalasani, chief executive, AMFI. Experts see a big boost for participation Financial experts say the tie-up could help resolve long-standing bottlenecks in KYC compliance, particularly in underserved regions. 'Enabling KYC at post offices is a strong move. In rural and semi-urban areas, trust matters more than tech, and post offices are trusted places. This will remove a key entry barrier for mutual fund investors in these regions,' said Navy Vijay Ramavat, managing director, Indira Group. 'For those whose KYC is stuck or rejected, this brings a much-needed physical touchpoint. Even in bigger cities, many people still struggle with digital-first norms. If executed well, this step can bring first-time investors into the fold, not just by simplifying KYC, but by making investing feel accessible, human, and local,' he added. Niranjan Babu Ramayanam, chief operating officer, Anand Rathi Wealth Limited, believes this partnership could be a game changer, 'As per industry sources, there are many clients who have invested in the past but have not updated their KYC as per the latest regulatory requirements. With the widespread presence of post offices across the country, this MoU will help AMCs reach such clients and assist them in updating their KYC to restart investments.' he said What investors need to know? According to the Sebi's current guidelines, accepted documents for KYC include: Passport Driving licence Aadhaar card Voter ID NREGA job card (signed by a government officer) National Population Register letter How to check your KYC status? Visit any mutual fund website or registrar portal Enter your 10-digit PAN Check if your KYC status is: KYC Validated: Free to invest KYC Registered: Can invest in existing AMCs but may require fresh KYC for new ones KYC On-Hold/Rejected: Requires issue resolution A potential game changer for mutual funds India added nearly 9.7 million new mutual fund investors in FY25. Experts say this initiative could unlock further growth, especially as Sebi's tightened KYC norms have left many investors unable to transact. 'This initiative will help resolve the KYC 'On Hold' or 'Rejected' statuses more efficiently, especially in rural areas where investors lack guidance to complete documentation,' said Ramayanam. 'There will be a substantial rise in SIPs from such investors once their KYC is validated.' The agreement, effective for one year and renewable, includes strict confidentiality safeguards and Sebi compliance.
Economic Times
3 days ago
- Business
- Economic Times
These post offices will be closed on July 21, 2025; find out if yours is among them
ET Online (Representative image) A planned downtime has been scheduled on 21.07.2025 for certain post offices. No public transactions will be carried out at these Post Offices (Safdarjung Air Port, Saket, Lodi Road, Hazrat Nizamuddin, Lajpat Nagar, others) on 21.07.2025. Due to a scheduled computer software update, certain post offices in Delhi will be closed to public on July 21, 2025. This means no public transactions will be carried out at these specified post offices on that day. In a press release issued on July 19, 2025, the Department of Posts said that these specified post offices must close for public transactions as they are upgrading their computer systems to a new version (2.0) of their APT application. Read below for further details regarding the statement from the Department of Posts. What did the Department of Posts say about which post offices will be closed on July 21, 2025? In the press release, the Department of Posts said: The Department of Posts is proud to announce the rollout of the next- generation APT application, marking a major leap forward in our journey towards digital excellence and nation- building. As part of this transformation initiative, the upgraded system will be implemented at the Post Offices in Delhi on 21.07.2025: Aliganj, Amar Colony, Andrewsganj, C G O Complex, Dargah Sharif, Defence Colony, District Court Complex Saket, East Of Kailash Phase I, East Of Kailash, Gautam Nagar, Golf Links, Gulmohar Park, Hari Nagar Ashram, Hazrat Nizamuddin, Jungpura, Kasturba Nagar, Krishna Market, Lodi Road, Lajpat Nagar, Malviya Nagar, MMTC-STC Colony, Nehru Nagar, ND South Ext-II, Panchsheel Enclave, Pragati Vihar, Pratap Market, Pushp Vihar, Sadiq Nagar, Safdarjung Air Port, Saket, Sant Nagar, Sarvodya Enclave, South Malviya Nagar, Sriniwaspuri and Jeevan Nagar BO will be closed. Also read: Small savings schemes: These post office savings accounts will be frozen after 3 years: Here is how to unfreeze your account Why is the planned downtime necessary? The Department of Posts said in the press release: To enable a seamless and secure transition to the advanced digital platform, a planned downtime has been scheduled on 21.07.2025. No public transactions will be carried out at above Post Offices on 21.07.2025. This temporary suspension of services is necessary to facilitate data migration, system validations, and configuration processes, ensuring that the new system goes live smoothly and efficiently. The APT application is designed to offer an enhanced user experience, faster service delivery, and a more customer-friendly interface, reflecting our unwavering commitment to delivering smarter, efficient, and future- ready postal operations. The Department of Posts said in the press release: 'We request our valued customers to kindly plan their visits in advance and bear with us during this brief interruption. We deeply regret any inconvenience caused and assure you that these steps are being taken in the interest of delivering better, faster, and more digitally empowered services to every citizen.' Some frequently asked questions about services that customers can avail of in a Post Office Q1. How to open an account in post office and its requirements? Answer: To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS), just fill out the Account Opening Form (AOF) along with your KYC documents and the deposit slip (SB 103) at your chosen Post Office. Q2. How to open an account in post office and its requirements? Answer: To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS)submit Account Opening Form (AOF) duly filled in with KYC documents and deposit slip(SB 103) in desired Post Office. Q3. What are late payment fees for recurring deposits? Answer: The monthly deposits for account opened between 1 to 15 should be credited up to 15th of the month and account opened between 16 to the last of the month monthly deposit should be credited by last day of the month. If the monthly installment is not credited for any particular month, then it becomes a default. The defaulted months can be credited subsequently (revival fee for INR. 100/- denomination is Re. 1 for each month of default) maximum 4 defaults are allowed. N.R. 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Time of India
3 days ago
- Business
- Time of India
These post offices will be closed on July 21, 2025; find out if yours is among them
What did the Department of Posts say about which post offices will be closed on July 21, 2025? The Department of Posts is proud to announce the rollout of the next- generation APT application, marking a major leap forward in our journey towards digital excellence and nation- building. As part of this transformation initiative, the upgraded system will be implemented at the Post Offices in Delhi on 21.07.2025: Aliganj, Amar Colony, Andrewsganj, C G O Complex, Dargah Sharif, Defence Colony, District Court Complex Saket, East Of Kailash Phase I, East Of Kailash, Gautam Nagar, Golf Links, Gulmohar Park, Hari Nagar Ashram, Hazrat Nizamuddin, Jungpura, Kasturba Nagar, Krishna Market, Lodi Road, Lajpat Nagar, Malviya Nagar, MMTC-STC Colony, Nehru Nagar, ND South Ext-II, Panchsheel Enclave, Pragati Vihar, Pratap Market, Pushp Vihar, Sadiq Nagar, Safdarjung Air Port, Saket, Sant Nagar, Sarvodya Enclave, South Malviya Nagar, Sriniwaspuri and Jeevan Nagar BO will be closed. Why is the planned downtime necessary? Academy Empower your mind, elevate your skills To enable a seamless and secure transition to the advanced digital platform, a planned downtime has been scheduled on 21.07.2025. No public transactions will be carried out at above Post Offices on 21.07.2025. This temporary suspension of services is necessary to facilitate data migration, system validations, and configuration processes, ensuring that the new system goes live smoothly and efficiently. The APT application is designed to offer an enhanced user experience, faster service delivery, and a more customer-friendly interface, reflecting our unwavering commitment to delivering smarter, efficient, and future- ready postal operations. Some frequently asked questions about services that customers can avail of in a Post Office Q1. How to open an account in post office and its requirements? Q2. How to open an account in post office and its requirements? Q3. What are late payment fees for recurring deposits? Due to a scheduled computer software update, certain post offices in Delhi will be closed to public on July 21, 2025. This means no public transactions will be carried out at these specified post offices on that day. In a press release issued on July 19, 2025, the Department of Posts said that these specified post offices must close for public transactions as they are upgrading their computer systems to a new version (2.0) of their APT below for further details regarding the statement from the Department of the press release, the Department of Posts said:The Department of Posts said in the press release:The Department of Posts said in the press release: 'We request our valued customers to kindly plan their visits in advance and bear with us during this brief interruption. We deeply regret any inconvenience caused and assure you that these steps are being taken in the interest of delivering better, faster, and more digitally empowered services to every citizen.'Answer: To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS), just fill out the Account Opening Form (AOF) along with your KYC documents and the deposit slip (SB 103) at your chosen Post To open an account in Small Savings Schemes viz Savings Account (SB), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS)submit Account Opening Form (AOF) duly filled in with KYC documents and deposit slip(SB 103) in desired Post The monthly deposits for account opened between 1 to 15 should be credited up to 15th of the month and account opened between 16 to the last of the month monthly deposit should be credited by last day of the month. If the monthly installment is not credited for any particular month, then it becomes a default. The defaulted months can be credited subsequently (revival fee for INR. 100/- denomination is Re. 1 for each month of default) maximum 4 defaults are allowed.
