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Centre allots Rs 1,300 cr to Post Bank of India
July 23, 2013July 23, 2013by In Infrastructure Finance

Centre allots Rs 1,300 cr to Post Bank of India

For the proposed Post Bank of India, the Union government has decided to sanction Rs 1,300 crore to meet its capital requirements. Although Post Bank does not intend to open a bank branch in each post office, the plan is to use postmen to meet the financial inclusion goal. According to the plan, Post Bank will have 50 branches in the first year, which will be increased to 150 by the fifth year. The branches will be located in select Head Post Offices in Tier-1-4 centres and select Sub-Post Offic