Modi's gift for 2015: With ATMs and all, 'Post Bank' is readying itself to serve the poor
The entry of post to the scene can change the game in banking. The point to be noted here is with the permission to operate accounts through ATMs and issue account statements instead of a post office passbook, India post has already almost become a bank, albeit, in small scale, and if one exclude the credit operations business. But the postal department can certainly take the first step forward to realize the dream of ‘Post Bank of India’ by becoming a payments bank, permissible under recent RBI guidelines. India Post was among the 25 contenders for a full service banking licence last year but didn’t get into the final list since the UPA government at the time wasn’t keen on backing the move and refused to provide the department with the minimum capital required to set up a commercial bank. If financial inclusion is the topmost priority of the government, post bank’s entry into the banking can immensely benefit the poor, much more than the ongoing Jan Dhan Yojana, where state-run bankers are kept at gun point to meet the magical target numbers, that in many cases has ended up in free distribution of duplicate bank accounts to existing account holders with loose KYC norms.
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