Dear Comrades,
Regulator Reserve Bank of India is not very much in favor of allowing India Post to set up ATMs in the country. The postal department is in talks with the central bank in this regard.
The main reason behind the apex bank not approving the request is the fact that currently only banks in India are permitted to set up ATMs.
However, it has not announced any formal declaration to the department of post.
India post has been planning to initiate banking services via a subsidiary called the Post Bank of India.
It is already playing a big role in financial inclusion by taking banking facilities to the unbanked parts of the country by using its widely penetrated branch network.
Banking services already offered by it include post office savings schemes, postal life insurance, pension payments and money transfer services.
| By Vaibhav Aggarwal rupeetimes.com |
| Oct 17, 2011 |
