The government has come out with a blue print on postal bank. The postal payment bank will have 650 branches by September 2017. That means a branch in each district. 10% of the branches will be in north east state. Post offices in each district will be connected the main branch of postal bank in each district. govt is aggressively searching for a CEO to head the bank. The bank will be run by a board which have five independent director. Bank board will be established in 1 to 2 months. The staff of the postal bank will be different postal dept. staff. Initial bank branch staff is expected to be around 2000 people.The cabinet gave a go ahead to the postal payment bank earlier this month. The India Post Payments Bank shall be set up with an investment of Rs 800 crore. The idea behind postal bank is to increase financial inclusion in the country. At present, there are 22,137 post offices with core banking facility compared to State Bank of India's 1,666 branches. (PD)
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