The Department of Posts today submitted application
before the Reserve Bank for a licence to offer full-fledged banking services.
'We have approached RBI today and hopefully having met
all the conditions of RBI, an in-principle approval might be given. If it is
given, I think, it will be a revolutionary step because it will bring banking,
subject to Cabinet approval, to the doorstep of the ordinary man in this
country,' Telecom and IT Minister Kapil Sibal told PTI.
The RBI is in the process of granting fresh banking
licences and has set July 1 as the deadline for applying.
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 Posts (DoP) has plans to start 50 bank
branches in the first year and scale it to a total of 150 branched in five
years.
The Minister said after RBI's in-principle approval the
Department of Posts will require the Cabinet approval to go ahead with its
plan.
'If RBI agrees that this (banking licence for DoP) is the
proposition that must move forward because most of the Aam Aadmi (common man)
does not have access to banking facilities. Post bank is ideal way to bring
banking facility to the doorstep of aam aadmi,' Sibal said.
The Department of Posts has started inter-ministerial
consultations for seeking the Cabinet approval for around Rs 1,900 crore fund
to start Post Banks. The total amount includes Rs 500 crore paid-up capital
required under new banking licence guidelines.
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.
Source- Business Standard
Source- Business Standard
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