When the then RBI Governor was speaking of expanding the banking network and was emphasizing the need for comprehensive Know Your Customer (KYC) requirements. A recommendation was made by IDEAZ to the RBI Governor to consider converting the Post & Telegram (P&T) department into a Bank – ‘Post Bank’.

The P&T department was facing strong competition from the Courier companies and needed to take advantage of its expertise in handling Postal savings, Money transfers and its incomparable reach across the country and its unmatched KYC capabilities.

This would also, add to the efforts for decentralization of Banking. Initially this did not receive much acceptance, but it has since been taken up and is an on-going process. Such a Bank could be a proper competitor to the State Bank of India. Its rural reach should be emphasized and ways found to ensure that the Post Bank managers have ‘Skin -in-the- Game’, so as to make them and even the Bank more responsible.

Proper, but only as minimally and operationally necessary amenities should be made available both for the Staff and Customers. The Bank should be operating more digitally and the required digital facilities and systems adopted for ease of operation and better Customer Services.