No formal proposal from post office to set up bank: Raghuram Rajan

Reserve Bank of India Governor Raghuram Rajan said on Friday the central bank had not received an application from India Post to set up a bank in the country.

The country's postal office had been speculated to be interested in setting up banks across India. Earlier this month, it was among 41 applicants to run a new category of banks planned to bring basic banking services within the reach of millions.

The Reserve Bank of India last year granted its first new banking licenses in India in a decade and has said it would consider applications on a rolling basis.