The
postal department plans to enter the banking business with the Reserve
Bank of India deciding to grant new bank licences to entities with
credible track-record.
Consultant appointed
Sources
said the Department of Posts, which has a strong foot print in rural
areas, has appointed Ernst and Young (E&Y) as the consultant for the
proposed ‘Post Bank’
“Ernst
and Young is expected to submit a detailed project report by April,
after which all the necessary measures will be taken up to apply for
banking licence,” a source at the Ministry of Communications and
Information Technology told PTI.
The sources added that the Department of Post (DoP) might need Cabinet approval for setting up Post Bank of India.
Of
the 1.55 lakh post offices in the country, around 24,000 district
offices may be ready to offer banking services in the next two years.
The DoP is in process of setting up 1,000 ATMs.
“Post
Bank shall not only take care of the banking needs of the rural poor
but shall also converge with micro-insurance and micro-remittance
services of the DoP,” the source said.
As
per data shared with Parliament, there were over 26 crore operational
small savings accounts in post offices as on March 31, 2012, having
deposits worth Rs.1.9 lakh crore.
