Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
16th August 2011
India Post-bank soon?
The Indian Department of posts is said to be close to finalising plans to expand financial service provisions for which it must first seek a banking licence. The department must first gain approval in principle from the government and only then can formally apply to the Reserve Bank of India for a banking licence.
There are nearly 2.4m post offices in India and the department points out that over 90% are in rural areas. It has been an objective of successive governments in India to take banking services to rural communities with limited success to date.
The plan has already got the backing of Sachin Pilot, minister of state for communications who said "It will fulfill UPA's (the governing party) agenda for financial inclusion if we are a full-fledged bank. We have a huge network and wide reach in rural areas,".
The Department of Posts also sees the advantage of the revenues the plan might bring in to help support the large branch network.