The Department of Posts has issued request for proposals (RFP) to five top notch foreign consultancy firms for the proposed Post Bank of India project.
The five short-listed firms are Accenture Services, Boston Consulting Group, Ernst & Young, KPMG Advisory Services and McKinsey & Co.
The Department of Posts (DoP) is looking to set up a bank — Post Bank of India (PBI) — to provide banking services with special focus on rural areas.
Besides providing a platform for financial inclusion, the Post Bank of India will provide means of additional revenue generation for the DoP.
The consultancy firms chosen, out of the five short-listed ones, will as part of the assignment focus on Detailed Project Report (DPR) on creation of PBI, financial viability of PBI, proposed organisational structure of PBI in the light of RBI regulations, and relationship between PBI and Post Office Savings Bank.
Keywords: Department of Posts, DoP, request for proposals, RFP, foreign consultancy firms, Post Bank of India, project, short-listed firms,
Comments:
While the efforts of the Indian Posts to move more energetically into
banking so that it fulfils the current gap in taking banking to the
deep interior is fulfilled. Hope it will succeed and can be
quantifiede in a year or two of its results. Indian post will have to
also take on opriority the way it conducts its core postal
ooperations. It is not opricing the services properly, leaidng it to
bleed. Will the Indian Post think of issuing a mision statement as to
how much time it will take to clear the letters posted in the ordinary
stret corner post boxes and how much time it will take to see that the
posted letters start moving to the addressee town, how much time it
takes in the addressee post office even after its receiopt thorugh
mail trians or in most metro cases by airline flights. It is often
found that letters are delivered to the addressee two weeks after
their reciept in the concerned post offices. Take the city of Mumbai,
I have oftren found that letters posted in the (contd
It is often found that letters psoted in Mumbai city takes mroe than two
wseeks for being delivered to a node in Navi MUmbai. Are we to take it
that this is the only service Post can give us for Rs. 5? Even after a
tremendous growth in suburab nnpopulation, in many metros postasl
districts are not renumbered with the result there is iunqequal
distribution of scarfce postal personnel.
It is a waste of money for the government to do this exercise.
Here is simple solution. All regional rural banks may be merged and be made subsidiries of State of India. SBI should be allowed to open single counter branches in all post offices all over india especially in rual and remote areas. As SBI has complete infrastructre of Banking it will be easy implement the project without much cost. No excess cost involved for the government in terms of infrastructure as it involves only to give some space in the existing premisesof the post offices. SBI also can reduce wastage of money as it is opening lot of branches in all streets.
It may deflect the Department of Posts from its core business. There are other players from the Government in banking. The public sector banks are known for their inefficiencies. There is huge scope for the organic growth of public sector banks including State Bank of India, then why this new banking setup from Government which will not enjoy the freedom needed for a successful banking system. We have seen failure of the idea of local area banks. ..... Post Bank India is not a good idea.......
Please Email the Editor