The department of expenditure has decided to alloot. Rs.1300 cr to the
proposed Post Bank. of India to meet the capital equirements.
Tomeet Reserve Bank of India’s norms,the postal department proposes
a new entity-Post Bank of India with an independent board and seperate
operations.Apart from independent directors,the board will have
repesentatives from the finance ministrry and the postal department.
Post Bank of India will have 50 branches in the first year which will be
increased to 150 branches by fifth year.
These branches will be located in select Head Post Offices in tier 1-4 centres
and select Sub Post Offices in tier 5-6 centres.
Post Bank of India has already sought a banking licence from RBI to initiate
operations as a commercial bank.