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Friday, 28 June 2013
Next time you go to the Post Office, it may well turn out to be a bank
Next time you go to the Post Office, it may well turn out to be a bank
A long-pending dream of India Post to have banking operations is now taking a final shape. The Department of Post has moved a Cabinet note with the government providing Rs 500 crore as seed capital to India Post for this purpose. This is the minimum paid up capital required under the final norms for banking licenses put up by the Reserve Bank of India. Financial help from the government is needed since India Post ran a deficit of Rs 5,805.9 crore in 2011-12, though 8.5% lower...
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