Dear Comrades,
Commercial Banking
The Department of
Post submitted application before the Reserve Bank for a license to
offer full-fledged banking services. The India postal network has
1,54,822 post offices in the country. Of these, 1,39,086 are in rural
areas and 15,736 are in urban regions.
There are around 90,000 bank
branches in the country and provision of real-time banking services
through postal network is estimated to triple the current banking
network.
The Department of
Post (DoP) has plans to start 50 bank branches in the first year and
scale it to a total of 150 branched in 5 years, reported PTI. The Post
Banks are proposed to be owned by DoP but with a completely independent
board, governance structure and operations. It will have representation
from Ministries of Finance and Communication & IT.
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