Post officers are undretaking various financial transactions too. Justify
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The recent development in the banking industry is the inclusion of Post Offices into its fold. The Indian Postal Department is planning to start a bank to be tentatively called the “Postal Bank of India” with the network of post offices spread all over India, 90 percent of them are in and around semi-urban and rural areas.
The Department is already providing various financial services including a Post Office Savings Bank, Issue of National Savings Certificate, Kisan Vikas Patra, Monthly Recurring deposits, Postal Life Insurance, Pension payment, Money transfer etc.
The Postal Department is promoting a capital investment of Rs. 1,000 crores for the bank transactions. It will be set up as a subsidiary with the Postal Department.
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