While there are so many contenders for new banking licence including LIC, the new entrant is Department of POSTS. There are 154,822 post offices across India, of which 139,086 are in rural areas and 15736 in urban regions which gives them a advantage over other contenders. Since core business of the postal services have decreased in recent times, giving them banking licence will rejuvenate them and they will be in a position to give better service with their net working capacity. However what is left to be seen whether they have the expertise to manage public funds...
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