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Dept of Post applies for banking licence

The Department of Post today submitted application before the Reserve Bank for a licence to offer full-fledged banking services.
“We have approached RBI today and hopefully having met all the conditions of RBI, an in-principle approval might be given. If it is given, I think, it will be a revolutionary step because it will bring banking, subject to Cabinet approval, to the doorstep of the ordinary man in this country,” Telecom and IT Minister Kapil Sibal told PTI.
The RBI is in the process of granting fresh banking licences and has set July 1 as the deadline for applying.
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