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
No comments:
Post a Comment