NEW DELHI: Your friendly neighbourhood post office may soon also function as a bank. The department of posts is working on a plan to get a bank licence, which will be sent to the Cabinet for approval. Once it gets a go-ahead, the postal department will formally seek a licence from the Reserve Bank of India. If the plan is approved and India Post gets to start its own banking operations, it has the potential to emerge as one of the biggest banks in the country, thanks to its massive network and reach. India Post, the largest postal network in the world, comprises 1.55 lakh post offices, of which nearly 1.4 lakh are in rural areas.
TOI
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