Indian government committed to reviving postal department through payments banking

Friday, August 21, 2015

NEW DELHI: Communications minister Ravi Shankar Prasad on Thursday said the government will revive the postal department by using over 1.5 lakh post offices for furthering financial inclusion and payments bank is a step towards it. 

The Reserve Bank of India has granted 'in-principle' approval to Postal Department to set up payments bank. 

"We have to make all the preparations in 18 months, which we will do. The Modi government is going to revive the postal segment and post payment bank is an indication to that," Prasad told reporters here. 

He said that the 1.50 lakh post offices from Kashmir to Kanyakumari will play an important role in financial inclusion. 


Source: Times of India (link opens in a new window)

financial inclusion