NEWS & ADVICE : FIXED DEPOSITS
Postal Department to set up Post Bank of India, soon
By Neelima Shankar
Jan 2, 2013
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The Indian Department of Posts may complete the planning phase for the creation of the Post Bank of India very soon. Post Bank of India is being set up to provide all banking facilities to the rural population, who have to rely upon informal sources for credit and other financial requirements.

It is reported that a detailed project report (DPR) will be submitted in a few weeks from now explaining the organization structure of the proposed institution. The DPR is likely to describe the relationship amongst the founding bodies, the Department of Posts and Post Office Savings Bank with the Post Bank of India.

For implementing the DPR, an external body of foreing consultants has been selected. The implementation of the project may be carried out by anyone of the firms - McKinsey & Co, Boston Consulting Group, Accenture Services, KPMG Advisory Services and Ernst & Young. The DPR will be finalized by December 31, 2012.

Post Bank of India is being established as a profit making institution particularly to help Department of Posts in lessening its losses.


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