Coming soon, Post Bank of India The postal department plans to enter the banking business with the Reserve Bank of India deciding to grant new bank licences to entities with credible track-record. Consultant appointed Sources said the Department of Posts, which has a strong foot print in rural areas, has appointed Ernst and Young (E&Y) as the consultant for the proposed ‘Post Bank’ “Ernst and Young is expected to submit a detailed project report by April, after which all the necessary measures will be taken up to apply for banking licence,” a source at the Ministry of Communications and Information Technology told PTI. The sources added that the Department of Post (DoP) might need Cabinet approval for setting up Post Bank of India. Of the 1.55 lakh post offices in the country, around 24,000 district offices may be ready to offer banking services in the next two years. The DoP is in process of setting up 1,000 ATMs. “Post Bank shall not onl