Department of Posts
raised a proposal for setting up the Post
Bank of India and providing banking services with a network of 1.55
lakh post offices with special focus on rural areas and financial inclusion.
Reserve Bank of
India (RBI) has informed that all commercial banks have been constituted by the
Government by various Acts of the Parliament.
Hence, to set up the Post Bank of India (PBI) by an Act of Parliament, necessary legislation
will need to be framed and passed by the Parliament.
Or to set up the Post Bank as banking company, the same would require a banking licence
from RBI as per RBI’s extant guidelines issued in February, 2013.
RBI is of the
view that it is useful to take up a detailed Cost Benefit Analysis on the proposal.
In
addition, viability and strategic study, market research, business plan and profitability analysis including business
projections for next 4-5 years needs to be carried out to assess the commercial
viability of the proposal.
The above information was submitted by Fin Min in reply of undermentioned Rajya
Sabha Questions:-
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
RAJYA SABHA
UNSTARRED QUESTION NO-3153
Functioning
of post offices as banks
3153 . SHRI C.P. NARAYANAN
(a)
the reasons for not allowing Indian Post Office system to
function as a banking system to mop upmoney lying
idle with people while the declared policy of the Union Government is inclusive
development and extension of banking operations to all rural people;
(b) whether
post would be enrolled as one among the new banks with about 1,55,000 branches
all over the country and with a good track record of successfully running Post
Office Savings Bank for
many years; and
(c) whether
it is possible to substantially improve the quality of service of post offices
in the process if so, the details thereof?
ANSWER
The
Minister of State in the Ministry of Finance (Shri
Namo Narain Meena)
(a) to (c): **see above**
Source: Rajya Sabha Q&A [qref=191160]
(a) to (c): **see above**
Source: Rajya Sabha Q&A [qref=191160]
