The postal department
plans to enter the banking business with the Reserve Bank of India deciding to
grant new bank licences to entities with credible track-record.
Consultant
appointed
Sources said
the Department of Posts, which has a strong foot print in rural areas, has
appointed Ernst and Young (E&Y) as the consultant for the proposed ‘Post
Bank’
“Ernst and
Young is expected to submit a detailed project report by April, after which all
the necessary measures will be taken up to apply for banking licence,” a source
at the Ministry of Communications and Information Technology told PTI.
The sources
added that the Department of Post (DoP) might need Cabinet approval for setting
up Post Bank of India.
Of the 1.55
lakh post offices in the country, around 24,000 district offices may be ready
to offer banking services in the next two years.
The DoP is in
process of setting up 1,000 ATMs.
“Post Bank
shall not only take care of the banking needs of the rural poor but shall also
converge with micro-insurance and micro-remittance services of the DoP,” the
source said.
As per data
shared with Parliament, there were over 26 crore operational small savings
accounts in post offices as on March 31, 2012, having deposits worth Rs.1.9
lakh crore.
Source; Times of India
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