Dear Comrades,
AHMEDABAD: Come 2014 and India Post will have its own bank. India Post has applied for banking licence to Reserve Bank of India (RBI) and if all goes well it may get the licence in January 2014. India Post will divide the postal and financial services
as part of the arrangement. The banks will handle the banking and
financial services for which India Post will hire officials separately.
Last month, a four-member parliamentary committee from New Delhi visited the city and carried out inspection at the head post office in Navrangpura . The committee also went to Rajkot for the inspection.
According to sources, the first such bank in Gujarat is expected to be opened at Navrangpura post office. Post banks will also open ATMs.
The central government hopes to launch the Post banks before the general elections next year. The banks will begin operations phase wise and initially it will be implemented in post offices which are computerized and connected with central server.
"The ground work for the banking services has already begun and currently data migration of the people having savings and other accounts with post offices is being done," said an official with business development cell.
According to industry sources, with over 25,000 computerized post offices all over the country and more than 1.5 lakh branches, the Post banks can be a game changer. There are 1,335 computerized post offices in Gujarat.
Last month, apex industry body ASSOCHAM came out in support of the proposed setting up of India Post as a rural banking structure to push financial inclusion in the country's hinterland, claiming several benefits to the economy in this move, including raising domestic savings and investment levels.
It underlined India Post's claim that its savings schemes already handling over Rs 6,05,697 crore annually with over 28 crore accounts in its various savings schemes.
http://articles.timesofindia.indiatimes.com
Last month, a four-member parliamentary committee from New Delhi visited the city and carried out inspection at the head post office in Navrangpura . The committee also went to Rajkot for the inspection.
According to sources, the first such bank in Gujarat is expected to be opened at Navrangpura post office. Post banks will also open ATMs.
The central government hopes to launch the Post banks before the general elections next year. The banks will begin operations phase wise and initially it will be implemented in post offices which are computerized and connected with central server.
"The ground work for the banking services has already begun and currently data migration of the people having savings and other accounts with post offices is being done," said an official with business development cell.
According to industry sources, with over 25,000 computerized post offices all over the country and more than 1.5 lakh branches, the Post banks can be a game changer. There are 1,335 computerized post offices in Gujarat.
Last month, apex industry body ASSOCHAM came out in support of the proposed setting up of India Post as a rural banking structure to push financial inclusion in the country's hinterland, claiming several benefits to the economy in this move, including raising domestic savings and investment levels.
It underlined India Post's claim that its savings schemes already handling over Rs 6,05,697 crore annually with over 28 crore accounts in its various savings schemes.
http://articles.timesofindia.indiatimes.com
