Post bank of India

Though many emerging logistics, postal and courier services have popped out recently it is always The India Post that is privileged to have the highest presence pan India.  Total offices of India post till today is1, 54,000 along which 1.4 offices i.e. 90% presence is in rural India, while other banks together have only 35000 offices in rural areas. India Post also employed 2, 96,000 agents for rural areas. India post office is in the ratio of 1 for 7176 people in India. This presence has given a new birth to India Post in the form of Post bank of India. India Post deposits are valued at 6 lakh crore , which stand second in India. SBI holds the highest deposits in India.

In 2013, Post office has applied to RBI to enter banking services, which was rejected by RBI. Followed by discussions with GOI, post office has been decided to enter banking industry as Post bank of India. In January 2015, it was finalized to issue license to Post bank of India and also it is now permitted to issue debit and credit cards for savings account. Present GOI is concentrating to build foundation for financial inclusion through Post Bank of India due to their vast presence. Their 90% rural presence would help GOI to deliver services to rural India. Banking services can be delivered to rural India through their offices.

GOI has planned to intervene and raise funds to develop a commercial bank and also had already formed a task force to enhance the institution to meet up the financial inclusion demands. GOI has also planned to fund around Rs.500 crore to support Post Bank of India. Post Bank of India is now into hiring process to fill the organizational structure with high qualified and experienced professionals. Professionals are being hunt from other well establishes private sector banks, which would be helpful to develop the payment bank with successful and innovative strategies.

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