The Department of Posts have applied to the Reserve bank of India for licence to start full-fledged banking services. The proposal is to start 50 branches in the first year to be increased to 150 branches in five years. Communications Minister Kapil Sibal stated that this proposal will bring banking to the door step of the ordinary man. However, the proposal will have to be approved by the Cabinet.
We feel that the proposal is helpful both to the department of posts as also to the common people. With glorious service of more than one and half century, if the proposal is accepted, the Postal Department will be entering a vast arena which will strengthen it.