India Post to offer forex services

India Post has signed a deal with Centurion Bank of Punjab to provide foreign exchange services.The pilot project will offer forex services from 31 head post offices in 11 states.

India Post has a full fledged money changing (FFMC) licence, which authorises post offices to undertake money changing business.

According to a statement issued by Centurion Bank of Punjab, "the pilot project will be reviewed after six months. The scope of collaboration will be extended to encompass rural areas post the renewal of the agreement."

This is for the first time that India Post is entering the foreign exchange services market, the release added.