
The Department of Posts on Thursday 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 said. The Reserve Bank of
India (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...