India Post, the government department that is seeking a banking license, is flooded with small savings in West Bengal after investors lost hundreds of crores in Ponzi schemes, giving it a stamp of approval from the masses ahead of the regulator.
The department has amassed a net of Rs 560 crore of deposits in the first three months of this fiscal, a period which is normally considered as a dull one in terms of savings. For the entire last fiscal, total net mobilisation was Rs 1,789 crore, West Bengal's chief postmaster general J Panda said Tuesday in Kolkata.
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