In the coming year of 2014, the post office will soon have its own financial institution. The Reserve Bank of India (RBI) has received the application from the postal department in regards to the banking license. If everything goes as planned, then they should receive it by January, 2014. Various banks will take care of the financial and banking services, this will be as a part of an arrangement. There will be officials hired separately for these services.
As per sources, The Navrangpura post office in Gujarat will be the first place to open the post office bank. There will also be ATMs for the post banks. Throughout the country, the post offices will be over 25,00 with 1.5 lakhs or more branches. The opening of the post banks will change the game. Only in Gujarat, the overall number of post offices which will be computerized will be round about 1,335. Already the Indian post is earning around over Rs 6,05,697 crore annually through its savings scheme.