It is reported that the Communications Ministry has approached the Reserve Bank of India for grant of Banking Licence for India Posts. This is a good suggestion. In fact, the Post offices are even now doing banking business through Savings Accounts, Fixed Deposits etc. It will be an interesting fact to know that the India Posts has a bigger coverage than all the Scheduled Banks put together, with about 75,000 Post Offices throughout the country, more than 20,000 of them in the rural areas.

Instead of the proposals for closure of the post offices, which has been deferred for three years  due to the strike call by the postal unions, the India Post should increase the number of post offices to reach out at each and every village and rural area and also expand its business similar to the present proposal to have the banking services also on a large-scale which will benefit the common people.

In U.K., in addition to the banking services, the post offices have stationary marts, money exchange counters etc. with them. Why can’t the India Post also think about on these lines? I am sure NFPE and other postal unions may think about this.