Dept. of Posts applies for banking licence
TODAY'S PAPER »
BUSINESS
NEW DELHI, June 28, 2013
The Department of Posts, on Thursday, submitted
an application before the Reserve Bank of India (RBI) for a licence to offer
full-fledged banking services.
“We have approached the RBI today [Thursday],
and hopefully having met all the conditions of RBI, an in-principle approval
might be given. If it is given, I think, it will be a revolutionary step
because it will bring banking, subject to Cabinet approval, to the doorstep of
the ordinary man in this country,” Telecom and IT Minister Kapil Sibal told
PTI.
The RBI is in the process of granting fresh
banking licences and has set July 1 as the deadline for applying.
The Department of Posts has plans to start 50
bank branches in the first year and scale it to a total of 150 branched in five
years.
The Department of Posts has started
inter-ministerial consultations for seeking Cabinet approval on around Rs.1,900
crore fund requirement to start Post Banks. The total amount includes Rs.500
crore paid-up capital required under new banking licence guidelines. — PTI
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