Millennium Post

Keen on getting banking licence for India Post: Sibal

Faced with opposition from the finance ministry to India Post getting into banking fray, communications minister Kapil Sibal on Friday said his department will battle it out to ensure that it gets a lender’s licence.

‘We have been trying very hard to persuade the Finance Ministry and we are yet to go some way to convert the postal department into a post bank. We have been fighting this battle and we are not going to give it up till we reach a logical conclusion,’ he told reporters after inaugurating department’s National Data Centre at Navi Mumbai near. When asked about the finance ministry’s opposition to the idea of India Post turning into a bank, Sibal sounded optimistic of reaching a favourable conclusion, saying his ministry will take this to the Cabinet which will resolve the issue. But he did not say when he will do so.
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