source:Business Standard Mansi Taneja / New Delhi Jan 29, 2012, 00:29 IST The department of posts will formulate a detailed project report for setting up a bank, in the XII Plan. “The postal department has already conducted a study and has found that the proposal is feasible. DPR (detailed project report) is the next step to chalk out the exact blueprint for the model,” a senior official from the department of posts (DoP) told Business Standard. The department will apply for a banking licence from the Reserve Bank of India. Post Bank of India may be set up with the required authorised capital of Rs 700 crore, the official added. “The plan is to offer banking services in rural and semi-urban areas by converting our post offices into banks. The department has about 1.5 lakh post offices across the country, which is mainly located in rural areas,” a source said. The department also operates the Post Office Savings Bank, where it has over 240 million savings accounts. It has a c...