Payments bank licence imminent for India Post If approved, it will be consistent with PM’s plan to use post offices to deliver financial services to remote areas
New Delhi: The grant of a payments bank licence to the India Post is imminent, according to a senior finance ministry official who did not wish to be identified. If approved, it will be consistent with Prime Minister Narendra Modi’s vision to utilize the existing network of post offices to deliver, in addition to the existing bouquet of postal services, financial services to the remotest parts of the country through digital connectivity and innovations. India Post has 155,015 post offices across the country, of which 139,144 are in rural areas. To give a fillip to these existing branches, the department of posts has tied up with e-commerce firms such as Snapdeal and Amazon to deliver parcels—parcel revenue for fiscal year 2014-15 rose 37% compared to a decline of 2% in financial year 2013-14, as reported by the Press Trust of India on 12 July. “India Post will most likely get payments bank licence as they have a good case,” said the finance ministry official. On 9