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
