India Post's banking application: RBI
lobs ball in government's court
("India Post is in the hands…)
MUMBAI: Reserve Bank
Deputy Governor R Gandhi today said the Union government has to take a final call
on application for banking licence by the India Post, which has a network of
over 1.5 lakh post offices countrywide.
"India Post is in
the hands of the government. It is the government which has to approve them to
come to us for licence," Gandhi told reporters here.
RBI, which approved
only two names out of the 25 applicants in February this year, had left it to
the government to decide on the way ahead with India Post's application.
According to reports,
the Ministry of Finance, which controls 27 state-run commercial banks, is
averse to the idea of the postal department getting into banking.
The RBI says that
deepening the financial inclusion is a key objective of granting more licenses
and according to some experts the existing network of India Post makes it an ideal candidate.
Meanwhile, on payment
and differentiated banks, Gandhi said RBI has received a slew of suggestions on
the draft guidelines and is analysing them. He reiterated that this is a
priority area for the central bank and it will come out with final guidelines
by the end of the year.
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