the government decision of declaring post office as bank is highly appreciable. justify.
Answers
Step-by-step explanation:
The proposed post office bank can provide the much-needed basic banking facilities in a simple, friendly way to the illiterate and less literate people across the country. However, there is no definite answer whether the post office will shed its image and work culture to take on to professionally operated commercial banks
After the Women’s Bank, it is the turn of the post office (PO) vying for a licence to convert itself into a full service banking institution in our country. In a country like India, where one-third of the population is outside the realm of banking, more banks are welcome, if it should help in achieving the objective of financial inclusion and bring into its fold all those who do not have access to basic banking facilities in the country. Judged from this criteria, the post office is ideally suited to don the hat of a full-fledged bank on account of its sheer reach into the countryside and the villages of India, which can never be reached for the next ten years through the existing banking institutions of our country.