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Submitted on 08/25/2011 - 11:31:33 AM By Suresh K Tiwary
New Delhi: India’s Department of Posts (DoP) is exploring the feasibility of setting up a Post Bank besides launching several value added services in view of declining traditional business, Minister of State for Communication and Information Technology, Sachin Pilot informed the Lok Sabha.
To be tentatively called the Post Bank of India, the DoP is likely to propose a capital investment of Rs 1,000 crore for the bank.
With a network of over 1.55 lakh Post Offices, the department already provides various financial services including a post office savings bank (POSB), postal life insurance, pension payments and money transfer services.
According to sources, the bank will be set up as a subsidiary with the Postal Department holding a 51 per cent stake in it.
It also intends to rope in major public sector banks like the State Bank of India to pick up a 25 per cent stake in the new venture.
Of the remaining equity, 5 per cent will be offered to employees of India Post and the rest will be offered to the public, sources said.
Pilot said the government has provided Rs 1,877 crore for modernisation and computer networking of Post Offices across the country.
He said, at present around five crore MGNREGA accounts have been opened apart from introduction of new services like Insurance and other financial services.
Submitted on 08/25/2011 - 11:31:33 AM By Suresh K Tiwary
