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Proposed Post Bank of India may get Rs 1,300 cr
August 5, 2013August 5, 2013by In Infrastructure Finance

Proposed Post Bank of India may get Rs 1,300 cr

For the India Post, the Union government is likely to earmark Rs 1,300 crore to enable it to make a foray into the banking space. The Expenditure Finance Commission will meet this month and finalise the fund to be provided to India Post for the proposed Post Bank of India, a finance ministry official said. The Department of Post, which has applied to the Reserve Bank for a new bank licence, had last month approached the Finance Ministry for sanctions of Rs 1,300 crore for its banking foray and t