RBI may give payment bank licence to postal department in August: Ravi Shankar Prasad
NEW DELHI: Union Minister Ravi Shankar Prasad today said he expects Reserve Bank of India (RBI) to grant payment licence to the proposed Post Bank of India by August.
This will enable the network of 1,54,000 post offices (including 1,30,000 rural post offices) to offer banking services to the masses in the country.
"We expect RBI to give payment bank licence to post (department) in August," Minister of Communications and IT Prasad said.
In last one year, the Department of Post (DoP) has networked 27,215 post offices into one national unit through computers.
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