Department of Posts has proposed to set up a Post Bank of India. This will be an independent entity, separate from the current operations of Small savings Schemes being carried out by the Department on behalf of Ministry of Finance. The Department of Posts has accordingly submitted an application to the RBI on 28.06.2013 seeking a banking license subject to necessary Cabinet approval.
This information was given by Dr. Smt. Killi Kruparani, Minister of State for Communications and Information Technology in a written reply to a question in the Lok Sabha today.
