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Post offices are undertaking various financial transacations too. "Justif |
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Answer» Answer: Explanation: The recent development in the banking industry is the inclusion of Post Offices into its FOLD. The Indian Postal DEPARTMENT is planning to start a bank to be tentatively CALLED the “Postal Bank of India” with the network of post offices spread all over India, 90 percent of them are in and around semi-urban and rural areas. The Department is already providing various financial services including a Post Office Savings Bank, Issue of National Savings Certificate, Kisan Vikas Patra, Monthly Recurring deposits, Postal Life Insurance, PENSION payment, Money TRANSFER, etc. The Postal Department is promoting a capital investment of Rs. 1,000 crores for the bank transactions. It will be set up as a subsidiary with the Postal Department. |
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