Post offices are willing to wear the guise of banks soon. The department of post is planning to get a bank license to be able to bank.

The department first would have to get a nod from the Cabinet. If the Cabinet allows, then it will apply for a regulatory approval from Reserve Bank of India.

Given the high level of penetration the postal department has across the entire country, its emergence as a bank is expected to have a huge growth potential.

India Post has a network of 1.55 lakh post offices with nearly 1.4 lakh of them in rural areas.

It is also in line with the massive financial inclusion plan laid by the government as well as Reserve Bank of India.

"It will fulfill UPA's agenda for financial inclusion if we are a full-fledged bank. We have a huge network and wide reach in rural areas," quoted Sachin Pilot, minister of state for communications.