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Next time you go to the Post Office, it may well turn out to be a bank

Dept of Post has moved a Cabinet note with the govt providing Rs 500 cr as seed capital to India Post, the minimum requirement

A long-pending dream of India Post to have banking operations is now taking a final shape. The Department of Post has moved a Cabinet note with the government providing Rs 500 crore as seed capital to India Post for this purpose. This is the minimum paid up capital required under the final norms for banking licenses put up by the Reserve Bank of India.    Financial help from the government is needed since India Post ran a deficit of Rs 5,805.9 crore in 2011-12, though 8.5% lower than Rs 7,899.3 crore in the previous year.   India Post plans to start banking ...