There is considerable excitement about the possibility of the Postal Department approaching the Reserve Bank of India ( RBI) for a banking licence. The postal system has a wide network of 155,000 offices of which 139,000 are in the rural areas. The scheduled commercial banks have 74,000 branches of which only 22,000 are in the rural areas. The small savings schemes operated by India Post on behalf of government amount to Rs 600,000 crore. Given the sheer size of India Post and the avowed commitment of the government to undertake financial inclusion, the revamping of India Post has some urgency. The assistance of prominent international consultants has already been taken to work out a vision and roadmap for revamping the Indian Postal system to enable it to take its legitimate place in the firmament of the Indian financial system.....................
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