While two applicants viz., IDFC and Bandhan Financial Services, have been granted licence to operate banking services, the Department of Posts, another applicant has been ignored.
Department of Posts is already operating services like Savings Bank, Fixed Deposits and also similar functions. Then why it is being ignored? The argument seems to be that it does not have the initial funds for starting banking services. In that case, the government should fund the same. The two companies which have been granted licences are taking loans for the initial funding.
This denial is a clear discrimination and denial of extending service to the people, especially in the rural areas, which are fully covered by the Post offices.