.......While prior clearance of their parent company was necessary for the private players who had applied for a license, for the postal department, it was the clearance of the government of India, or more specifically, the finance ministry that was mandatory. Without such a clearance, the RBI could have rejected the application, which it didn't do.............
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1 comment:
If mere locational advantage is the reason for Post bank of India to lay its claim, there is a hoary history of the rural cooperatives that failed due to a host of reasons. The Postal Savings Bank and the NSs instruments that get the pass through have sordid stories of inefficiencies in service delivery unlike the most efficient postal delivery system until the courier services came into being. Even now, the Speed Post reaches later than any courier service. Further sovereign tag attached to the Postal Bank of India would add more burden to the Finance Ministry. The RBI actually would have done well to outright rejected the proposal even if the GoI had approved it.
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