Emergency Act to open Post Office Banks?
Posted on: 13/Jan/2015 2:35:40 PM
It is gathered that the central government is planning to introduce an Emergency Act to convert all Post Offices to include banking facilities.
The Reserve Bank of India approved to issue licences for starting new banks with the main purpose of providing a savings bank account for every citizen in India.
Accordingly, Post Offices also applied for approval to start banking facility primarily in the rural and remote villages.
RBI had responded that this is under the jurisdiction of the central government.
Consequently, it is understood that the central government has planned enact a law to permit Post offices to include Banking faculties.
There was a special meeting of cabinet ministers on this issue conducted headed by the Prime Minister. A draft proposal for approving Post Offices to include banking operations is understood to have been submitted to the Prime Minister.
