Monday, July 2, 2012

Postal dept plans to offer banking services soon

Dear Comrades,

The India Post may soon start its own bank as a proposal of the department in this regard is at an advanced stage, member of Postal Services Board, Delhi, Kamleshwar Prasad said here on Sunday.

“We are already providing a range of financial services as agency for financial institutes. However, we have the required infrastructure in place to launch our own banking services and a proposal to set up Post Bank is at advanced stage,” Prasad, told The Indian Express on the sidelines of a function here.

He was chief guest at a function to mark the golden jubilee celebrations of Postal Training Centre (PTS), Vadodara.

Prasad said the department had enough manpower to handle the new responsibilities and recruitment process was on to strengthen its existing workforce further. Postal department has around 5 lakh employees.

“We are in a position to deliver services of government social welfare schemes or any other services in the most efficient and reliable way at the lowest cost due to our reach,” the board member added.

While India Post has more than 1.55 lakh post offices in the country, State Bank of India (SBI), country’s largest bank, has around 12,500 branches. There are 9,500 post offices in Gujarat alone.

However, when asked if the department had approached the Reserve Bank of India to seek a banking licence, he refused a direct answer. “The matter is in an advanced stage and I cannot say anything further on this,” he said.

Presently, the postal department offers services like savings accounts, postal life insurance, pension payments and money transfer.

Indian Express
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