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.
Courtesy
– The Hindu, 23rd Feb, 2013
