Getting "Payments Bank" Licence is a very proud moment for Postal Department - Minister said

 Armed with a payments bank licence now, the postal department should gear up to become a vehicle of financial inclusion in the country, Communications and IT Minister Sri Ravi Shankar Prasad said.

    The minister said that the postal department should prepare itself properly and effectively for this opportunity.

    

The payments bank licence will enable the Department of Post (DoP) to offer banking services to the masses through its vast network of 1,54,000 post offices, of which 1,30,000 are in rural areas.

    

"This is a very proud moment for the postal department. I have been trying since I became minister to energise and make the vast network of the department for financial digital inclusion and e-commerce activity," Mr Prasad told PTI.

    

"I am very happy to learn that the postal department has been given a payment banking permission by the RBI. I thank the RBI, governor and his team," Mr Prasad said.
Source : PTI