
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...