The government is looking at taking the legislative ro-ute, by next month, to finalise the setting up of Postal Bank of India and will soon approach thr RBI to consider the postal department’s applica
The government is looking at taking the legislative ro-ute, by next month, to finalise the setting up of Postal Bank of India and will soon approach thr RBI to consider the postal department’s application for a banking licence.
In a recent meeting chaired by Prime Minister Narendra Modi, the Department of Posts (DoP) said that it is ready to move into the banking space by becoming a universal bank, sources said.
According to a presentation given to the Prime Minister, the DoP, in consultation with the government, may approach RBI this month to consider its original application for a universal bank, the source said.
“Simultaneously, the modalities for the alternative of taking the legislative route to set up Postal Bank of India (PBI) would be worked out in February,” the source said.
The Prime Minister had set up a Task Force in 2014 to leverage the postal network in India.
