India Post to launch ''Post Bank of India''

Kolkata, Jun 16 (UNI) In its bid to diversify the varied financial services and helping the common people, India Post is considering to launch a full-fledged banking system-'' Post Bank of India'' in the country.

This was announced here today by Union Minister of State for Communication and Information Technology Dr Shakeel Ahmed while presiding the function of tie-up between HDFC Bank and Department of Posts(DOP), West Bengal circle, to offer loans against postal securities.

Dr Ahmed said the main aim of introducing the banking system was to offer loans to the people in the remotest parts of the country exploiting the vast network of India Post.

" We are having discussions with the Union Finance Ministry in this regard and some amendment will be made in the postal act, if necessary, to ensure the full-fledged banking system by India Post,'' Dr Ahmed said.

He said the proposal would be placed in the next session of Parliament.

Expressing concern over the low interest rates in post offices, Dr Ahmed said his department was taking a number of steps to make India Post '' a hub of multiple activities.'' He also informed that all the 150 post offices in the country would be linked with the National Data Centre during the 11th five-year plan.

UNI