Concept of Post Bank of India still wide open; RBI in favour

Here is an article appeared in Firstpost titled Why RBI’s decision on a Post Bank of India is a slap for Finance Ministry The RBI’s decision on Wednesday to “consider” the application of Department of Posts for a banking license “separately in consultation with the Government of India” is literally a slap in the face for the finance ministry. Out of the 25 applicants that were in the fray for a new license, the RBI granted “in-principle”...

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India Post readies plan to start bank

India Post readies plan to start bank NEW DELHI: The Reserve Bank of India having opened the window for new bank licences, the postal department is finalizing the blueprint to set up a bank of its own at yourneighbourhood post office, a move that will challenge the dominance of large public sector lenders in smaller towns and rural India. While the department already has a balance sheet of Rs 6.18 lakh crore, which includes deposits of around...

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