India post office will start operating as a bank in 2017. The Union Cabinet of India has declared a proposal for setting up of India Post Payment Bank which will come in operation from starting of March 2017. So, that means the Post office will also turn into a bank for all of us. Which will obviously increase Post office Vacancy in India so to know better about these jobs you must see India Post Office Vacancy & Recruitment 2016 .
In 2006, India post announced to open a Bank to clear their deficit of Rs.1000 Crore during emulating the “11th Five Year Plan”. The Ministry of Finance was against the plan that stated India Post did not have such power to provide various banking services.
The Planning Commission of India, in August 2013 stated that the India Post was not capable of handling financial difficulties at that moment. The thinking behind these oppose is that “converting the India Post into the IPPB India Post Payments Bank will affect their original system. In October 2013, the proposal of Bank Branches from India Post was rejected by the Cabinet of India along with the statement that “India Post is not sufficiently capable of running a Bank. December 2013, India Post stated that they will open ATMs across their 1000 offices in the mid of 2014.
On 27 Feb of 2014, India Post installs their first ATM in Chennai. The Reserve Bank of India RBI in April 2014 allow Bandhan Financial Services & IDFC Bank Branches and gave in-principle banking licenses, but the RBI do not consider India Post for an in-principle banking licenses because the India Post did not have government’s mandatory clearance from Indian Government.
The Indian Prime Minister Narendra Modi formed a task force in Sep 2014 which checked the ways to leverage the existing postal network. The T. S. R. Subramanian was head of the task force. On 4th Dec 2014, the task force submits their final report to the Ravi Shankar Prasad (Minister for Communications and Information Technology). In the report, the task force stated that in the field of Banking, Insurance, and E-commerce the more service will be provided.
It was announced in the last of DEC 2014, that India Post will provide ATM-cum-debit cards for the account holder in Post Office Savings Bank (POSB). In Jan 2015, it was considered legislature to finalize India Post bank by the Indian Government. During the presentation of the Budget on 28 Feb 2015, it was declared that Indian Post will use a large network for Bank Payments.
Indian Post Payment Bank Recruitment
The Indian Postal Bank eyes to change rural India by installing the postal department’s 1.39 rural postal branches in Rural area. In the first phase of this plan, 650 payment bank branches will be set up. As for the recruitment, it is said that there will be around 1.5 lakh payment bank jobs or vacancy next year.