Sector watchers suggest that if financial inclusion is the ultimate aim in granting new licences in this round, the entry of the Postal department will be highly beneficial to the agenda being pursued by the Reserve Bank and the Government. According to available data, the department had 154,822 branches as of March 31, 2013 with 139,086 or 90 per cent of them, in rural areas, which is four times the total number of rural branches of the entire banking system. The Reserve Bank had in February made public its final guidelines for the entry of new banks, which did not restrict state—run companies from applying. It followed up by clarifying over 400 questions last week, in which it made a few relaxations like the period for setting up of the bank since the granting of the in—principle nods. Other government—run companies, like Power Finance Corporation and Rural Electrification Corporation, are also mulling to enter the fray.
Posted on: Sun, 09 Jun 2013 14:43:36 +0000
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