India Post Keen to Become a Universal Bank

India Post is interested in turning itself into a universal bank like many of its peers across the world. A committee under former Cabinet Secretary TSR Subramanian is looking into the matter, a senior department official said today.

“We still want to be a full-fledged bank. The government will decide whether they want to give to us or not,” chief postmaster general, Maharashtra circle, Pradipta Kumar Bisoi told reporters here.

“There is a committee under Subramanian which has been formed, they are going to give some recommendations, let’s wait for the report to see whether we should go for a full-fledged bank or a payment bank,” he said.

However, Bisoi added that the department, which has been accepting deposits for many decades and mobilising savings, already works like a payment bank and wondered what is the difference between the work they have already been doing and a payment bank.

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