Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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		&#039;title&#039; =&gt; &#039;Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami&#039;,
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-The Economic Times
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&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
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Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
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The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.
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One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
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The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
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NEW DELHI: The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Economic Times&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. &lt;/p&gt;&#039;,
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-The Economic Times
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&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
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Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
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Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
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Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.
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In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
&lt;/p&gt;
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The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.
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One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
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The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
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According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
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The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
&lt;/p&gt;
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Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
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-The Economic Times



NEW DELHI: The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought...&#039;
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NEW DELHI: The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought..."/>
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                <strong>Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami</strong></h1>
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                <div align="justify">-The Economic Times</div><p align="justify"><br /><em>NEW DELHI: </em>The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.</p><p align="justify">Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it's best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.</p><p align="justify">Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.</p><p align="justify">Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It's ready with a blueprint prepared by Ernst &amp; Young which has been an advisor to many domestic and MNC banks.</p><p align="justify">In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.</p><p align="justify">The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &quot;This could boost the UPA government's efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&quot; said a person familiar with the plan.</p><p align="justify">One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.</p><p align="justify">The postal department has spelt out that it would adhere to &quot;know your customer&quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. </p><p align="justify">According to Ernst &amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.</p><p align="justify">The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.</p><p align="justify">Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. </p>               </font>
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-The Economic Times
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&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
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Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
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Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
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Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.
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In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
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The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.
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One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
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The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
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According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
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The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
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Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
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&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
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Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
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Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
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&lt;p align=&quot;justify&quot;&gt;
Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.
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&lt;p align=&quot;justify&quot;&gt;
In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
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-The Economic Times



NEW DELHI: The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Economic Times&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. &lt;/p&gt;&#039;
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                <strong>Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami</strong></h1>
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                <div align="justify">-The Economic Times</div><p align="justify"><br /><em>NEW DELHI: </em>The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.</p><p align="justify">Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it's best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.</p><p align="justify">Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.</p><p align="justify">Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It's ready with a blueprint prepared by Ernst &amp; Young which has been an advisor to many domestic and MNC banks.</p><p align="justify">In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.</p><p align="justify">The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &quot;This could boost the UPA government's efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&quot; said a person familiar with the plan.</p><p align="justify">One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.</p><p align="justify">The postal department has spelt out that it would adhere to &quot;know your customer&quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. </p><p align="justify">According to Ernst &amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.</p><p align="justify">The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.</p><p align="justify">Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. </p>               </font>
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		&#039;title&#039; =&gt; &#039;Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami&#039;,
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-The Economic Times
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
&lt;/p&gt;&#039;,
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-The Economic Times



NEW DELHI: The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Economic Times&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. &lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. &lt;/p&gt;&#039;,
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-The Economic Times
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&lt;em&gt;NEW DELHI: &lt;/em&gt;The government&#039;s earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
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Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it&#039;s best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
&lt;/p&gt;
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Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
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&lt;p align=&quot;justify&quot;&gt;
Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It&#039;s ready with a blueprint prepared by Ernst &amp;amp; Young which has been an advisor to many domestic and MNC banks.
&lt;/p&gt;
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In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
&lt;/p&gt;
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The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &amp;quot;This could boost the UPA government&#039;s efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&amp;quot; said a person familiar with the plan.
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One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
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The postal department has spelt out that it would adhere to &amp;quot;know your customer&amp;quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
According to Ernst &amp;amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
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-The Economic Times



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                <strong>Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami</strong></h1>
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                <div align="justify">-The Economic Times</div><p align="justify"><br /><em>NEW DELHI: </em>The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.</p><p align="justify">Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it's best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.</p><p align="justify">Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.</p><p align="justify">Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It's ready with a blueprint prepared by Ernst &amp; Young which has been an advisor to many domestic and MNC banks.</p><p align="justify">In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.</p><p align="justify">The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &quot;This could boost the UPA government's efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&quot; said a person familiar with the plan.</p><p align="justify">One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.</p><p align="justify">The postal department has spelt out that it would adhere to &quot;know your customer&quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. </p><p align="justify">According to Ernst &amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.</p><p align="justify">The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.</p><p align="justify">Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. </p>               </font>
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		'title' => 'Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami',
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-The Economic Times
</div>
<p align="justify">
<br />
<em>NEW DELHI: </em>The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
</p>
<p align="justify">
Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it's best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
</p>
<p align="justify">
Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
</p>
<p align="justify">
Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It's ready with a blueprint prepared by Ernst &amp; Young which has been an advisor to many domestic and MNC banks.
</p>
<p align="justify">
In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
</p>
<p align="justify">
The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &quot;This could boost the UPA government's efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&quot; said a person familiar with the plan.
</p>
<p align="justify">
One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
</p>
<p align="justify">
The postal department has spelt out that it would adhere to &quot;know your customer&quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
</p>
<p align="justify">
According to Ernst &amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
</p>
<p align="justify">
The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
</p>
<p align="justify">
Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
</p>',
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-The Economic Times



NEW DELHI: The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought...',
	'disp' => '<div align="justify">-The Economic Times</div><p align="justify"><br /><em>NEW DELHI: </em>The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.</p><p align="justify">Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it's best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.</p><p align="justify">Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.</p><p align="justify">Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It's ready with a blueprint prepared by Ernst &amp; Young which has been an advisor to many domestic and MNC banks.</p><p align="justify">In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.</p><p align="justify">The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &quot;This could boost the UPA government's efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&quot; said a person familiar with the plan.</p><p align="justify">One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.</p><p align="justify">The postal department has spelt out that it would adhere to &quot;know your customer&quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. </p><p align="justify">According to Ernst &amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.</p><p align="justify">The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.</p><p align="justify">Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. </p>',
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	'title' => 'Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami',
	'subheading' => '',
	'description' => '<div align="justify">
-The Economic Times
</div>
<p align="justify">
<br />
<em>NEW DELHI: </em>The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence.
</p>
<p align="justify">
Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it's best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages.
</p>
<p align="justify">
Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack.
</p>
<p align="justify">
Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It's ready with a blueprint prepared by Ernst &amp; Young which has been an advisor to many domestic and MNC banks.
</p>
<p align="justify">
In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government.
</p>
<p align="justify">
The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. &quot;This could boost the UPA government's efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme,&quot; said a person familiar with the plan.
</p>
<p align="justify">
One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres.
</p>
<p align="justify">
The postal department has spelt out that it would adhere to &quot;know your customer&quot; or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. 
</p>
<p align="justify">
According to Ernst &amp; Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation.
</p>
<p align="justify">
The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network.
</p>
<p align="justify">
Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision. 
</p>',
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-The Economic Times



NEW DELHI: The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought...'
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Department of Posts seeks Rs 1,900 crore from government for banking -Urmi A Goswami

-The Economic Times NEW DELHI: The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence. Financial inclusion figures among the top priorities of the Congress-led UPA government. The postal department thinks it's best placed to meet the goal. Only 35% of Indian adults have bank account. The rural areas continue to be underserved, with 170-odd commercial and regional rural banks running just about 36% of their 93,000 branches in villages. Compared to with this, of the 1.55 lakh post offices, 90% are in rural areas. With its 1.3 lakh gramin dak sevaks - or, village postal workers - the post office is in a position to provide the last mile link in villages that existing banks lack. Like corporate houses aspiring to own a bank, the department has applied to the RBI for a banking licence. It's ready with a blueprint prepared by Ernst & Young which has been an advisor to many domestic and MNC banks. In countries like Germany and the Netherlands, post offices have successfully metamorphosed into banks. The proposed Post Office Bank of India could be a separate entity carved out of the present set-up that sells saving schemes to 28 crore customers. The proposed banking entity would be incorporated as a company wholly-owned by the central government. The aim is to leverage the extensive branch network and familiarity with the local population in reaching out to new customers and designing financial products that meet their needs. "This could boost the UPA government's efforts to strengthen rural livelihoods through self-help groups. At present, access to affordable credit is a major obstacle. Besides, a bank trusted by local communities would make it easier to implement the direct cash transfer scheme," said a person familiar with the plan. One of the rules laid down by RBI requires a new bank to have 25% of its branches in unbanked rural centres. The postal department has spelt out that it would adhere to "know your customer" or anti-money laundering rules that are applicable to banks. In order to obtain the services of the gramin dak sevaks, a legal contract has to be signed between the proposed Post Office Bank of India and the existing Post Office Savings Bank. According to Ernst & Young, the postal bank would need 1,900 crore over five years to capitalise itself. Of this, 500 crore is for the seed capital or the minimum paid up voting equity capital required as per RBI guidelines. This has been provisioned for the project in the Twelfth Plan. The department of posts would like the Cabinet to sanction 1,300 crore to meet capital adequacy standards at the proposed venture and another 100 crore to hire people, consultants and put in place banking solutions. The proposal is currently under inter-ministerial consultation. The plan is to begin with 50 branches and expand to 150 over five years. The department is currently implementing core banking solutions in its post offices to introduce centralised banking operations, net banking, e-banking and ATM for savings scheme customers. A technology platform could bring in synergies between the proposed bank and the existing network. Besides funding, a Cabinet approval is necessary to set up such a bank that plans to use existing post offices and tap into the savings bank customer base for new businesses. Once the Cabinet gives a go-ahead, the RBI will have to take a final decision.