RBI nod to Post Bank of India expected by July this year : Ravi Shankar Prasad

Union Minister Ravi Shankar Prasad today said he expects Reserve Bank of India(RBI) to grant payment license to proposed Post Bank of India by July. He said the network of 1,54,000 post offices (including 1,30,000 rural post offices) equipped with payment bank facility will bring new revolution.

On proposed Post Bank of India for which permission is pending with Reserve Bank of India, Union Minister said, “by July August the payment bank license is ought to be given. We have 1,54,000 post office. With opening of payment bank there will be new financial revolution. We have 1.5 lakh service sectors involved. We want our 1.30 lakh rural post offices also to be covered under this network.”

Briefing about one year achievements of his department Prasad said, “In last one year 27,215 post offices are networked into one national unit through computers. Money transfer etc facilities are available through this network. 1,30,000 solar powered handheld bio-metric devices to be provided to rural post offices. ”

“In previous year there were 4 ATMs, in this year 115 ATMs are installed. Core banking solution availability is up from 236 to 2590 post offices in one year.”

“E-commerce cash on delivery revenue has been up from Rs 100 crore to Rs 500 crore in a year. Parcel revenues grew by 37% this year from 2% decline in previous year. 28 new parcel centers are established to boost e-commerce.”

“CAG report laid in parliament on May 2015 highlights that speed post service is better than private couriers. The survey was conducted in 8 states before this conclusion.”