IDFC and India Post will soon be in the banking sector

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The Indian banking sector will soon see two new entrants in the banking sector as Central Bank will soon clear the banking licenses for IDFC and India Post. The said organisations will soon extend their services in banking as they have already been successful in procuring the license from RBI for the same.

The report regarding the eligibility of these two organisations for coming up with banking services has already been prepared by the committee that was chaired by the former RBI governor and the same has been submitted to the Central Bank for further scrutiny and processing. The report is having the details of all other organisations that have also applied for the banking license. The business model and overall track record of all these companies will soon be scrutinised by the Central Bank in consultation with Finance Minister Mr. P Chidambaram and the licenses will be granted as per the eligibility. The above stated organisations are amongst the front runners in this sector and may get the license as per the sources.

The entry of these organisations in the banking sector may give a new definition to the businesses of these organisations. India Post is already a government organisation and is awaiting the green signal from the cabinet. The new budget may bring in the face lift for the India Post as their business pertaining to letters and posts have already undergone revamp due to the technological advances. The ATM for Post Savings Accounts are also been started as an extension to their current business.

The entry of India Post into banking business will offer convenience to the customer base in rural areas that has not much exposure to the private banking. The above move will revolutionise the banking sector for the rural India to the great extent.

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