Union Budget 2015-16: Post offices to be used to improve rural financial system
28 Feb 2015
Presenting the Union Budget 2015-16 union finance minister Arun Jaitely today said that the government is committed to increasing access of the people to the formal financial system.
In this context, the government proposes to utilise the vast India Post network with nearly 1,54,000 points of presence spread across the villages of the country.
The minister hoped that the postal department will make its proposed Payments Bank venture successful so that it contributes further to the Pradhan Mantri Jan Dhan Yojana.
The country's postal office had been speculated to be interested in setting up banks across India.
Earlier this month, it was among 41 applicants to run a new category of banks planned to bring basic banking services within the reach of millions.
The Reserve Bank of India last year granted its first new banking licenses in India in a decade and has said it would consider applications on a rolling basis.