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Report: India's post department to form insurance unit

India's Department of Posts plans to create an insurance company as part of its effort to diversify its business, Press Trust of India reported.

Communications Minister Manoj Sinha said the department intends to set up the special business unit in two years. Sinha added that the department is ready to start looking for a consultant for the initiative, according to the report.

In 2017, the department secured a license to operate a payments bank.