Monday, September 17, 2012

Postal Bank of India soon

Indian banking system has been continuously on growth and development path since independence.  All types of banks - public, private, foreign, cooperative or regional rural banks have been responding to the guidelines of GOI/RBI to take the banking to rural areas besides expanding all over the country on an on-going basis.  Almost all the poverty alleviation schemes and priority sector lending obligations have been carried out by these banks, in particular the public sector, including branch expansion extensively.  Only the figures will speak about the commitment with which these banks have been rendering the developmental finance and service over the years.  However, there have always been studies showing the deficiencies of public and private banks.  On the other side, all the commercial banks in India have been responding promptly to all the reforms measures as well as modernising to catch up with technological innovations.  Now, the recent news is about Postal department extending to rural and other areas by opening a new Postal Bank of India.  It is a welcome measure so that there will be a level playing field in banking.

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