The backdrop to the Reserve Bank of India (RBI) monetary policy of April 1, 2014 had a number of imponderables.
Monetary Policy Measures
Development and Regulatory Policies
The application from India Post is of a different genre. It is good to know that this issue is not closed but will be followed up with the Government of India. While one view is that the government would be unwilling to give up large resources flowing to the government budget, to ensure meaningful financial inclusion it is necessary to give the India Post application careful consideration. No other system matches the postal system in its spread through the country, particularly the rural areas. It is not as if all the 155,000 post offices would be converted into a bank. In the initial stage only a few key offices could be operated under the Postal Bank and other units would perform as agents or extension counters. It is gratifying that this vital issue is still open to consideration.
This column, Common Voice is authored by Savak Sohrab Tarapore. Mr. Tarapore, is an economist and he runs his own Multi-Language Syndicated Column. Mr. Tarapore's other column, which appears in The Hindu Business Line, is titled Maverick View.
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