The state minister of Indian central government Shakil Ahmed said in Kolkata that 155,000 post offices across India would soon be working as bank too. They will be renamed as Post Bank.
He also said that in order to make it more effective the Indian Postal Act of 1898 needs to be amended and a bill will soon be placed in Indian parliament.
Mr Ahmed said there are saving accounts in the post offices now but to act as banks they must also lend money.
