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Post Bank may opt for IPO

The government may allow the proposed Post Bank of India to go public once it is established in order to increase public participation to raise funds. The government has been thinking of converting India Post into a bank in order to make use of its vast network of offices. The proposed bank will especially target the rural India. The department of Posts says India Post, as of now undertakes all banking operations, including payments and has longer direct experience of banking operations as well as handling money issues. It does not offer loans, however. The department feels that investors will be responsive to IPO in view of India Post’s vast access in rural India, which is still largely an unbanked area in the country. India Post has 1,40,000 rural branches, while all other banks put together have about 35,000 rural banks most of which are not in rural panchayat towns.

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