Inclusive growth is the buzzword
that Sonia Gandhi, Rahul Gandhi and the apostles of Sonianomics brandish at
every possible opportunity, but when the world’s greatest opportunity for
financial inclusion knocks at the their door, they look the other way. The
opportunity comes in the form of a private bank of the India Post, which has
1.54 lakh branches across the country, 90 per cent which are in rural areas.
The Reserve Bank has approved the idea, but the finance ministry is trying to
block it. Out of the 27 applicants (only 25 in the fray now) for a new banking
license, the Indian Post’s bank is among the five or six that has passed the
strict guidelines of the Reserve Bank. While other licensees can start their
operations once the Reserve Bank announces their clearances, the Indian Post’s
bank...