Postal banks to be set up soon in India

India Post, the Department of Posts, which has already been offering services like savings accounts, postal life insurance, Public Provident Fund, recurring deposits, pension payments and money transfer, will soon have its own full-fledged bank.

Bank of India RBI within a month or so when it would issue licences to the short-listed applicants.

A senior official of the General Post Office here told Khaleej Times that the PBI would provide banking services, including accepting of deposits from the public for lending or investment. In addition to deposit schemes, the PBI will also provide loans to general public and corporates like any regular bank. The first such bank with an ATM will be opened at the computerised Navrangpura post-office in the city.

Read more: Postal banks to be set up soon in India – Khaleej Times.