New Delhi: Your friendly neighbourhood post office may soon be your bank as well, with the department of posts working on a plan to get a bank licence. It is expected to approach the Cabinet for approval of its proposal, and officials say once the plan is shown the green light, the department will formally seek a licence from the Reserve Bank of India.
If the plan is approved and India Post gets to start its banking operations, it has the potential to emerge as one of the biggest banks in the country thanks to its massive network and reach. India Post, the largest postal network in the world, has a network of 1.55 lakh post offices out of which nearly 1.4 lakh are in rural areas. It already has 23.75 crore individual savings bank accounts and offers a whole range of financial services such as postal life insurance, pension payments and money transfer services.
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