The Department of Post is preparing a roadmap to set up a Post Bank of India and will send the proposal for vetting to the finance ministry.

"On the setting up of Post Bank of India, the (IT) Secretary (had) stated that a roadmap will be sent to the Ministry of Finance for its views," said a report of the Standing Committee on Information Technology.  The Committee asked the Information Technology ministry to complete the formalities connected with setting up of the Post bank of India within a definite timeline, so that the bank could become functional at the earliest.

The committee also wanted the government to provide autonomy to Department of Post to fix interest rates on various small savings schemes, which was suggested by it in earlier reports. The report said that implementation of centralised banking for Post Office Savings Bank (POSB) along with the Post Bank of India could revolutionise the banking and money transfer operations in the country.

The Committee has also asked the department to implement core banking solution in 120 of the identified pilot post offices by March, 2012.

Under the core banking solution, the branches are linked to a centralised computer. Expressing concern over slow computerisation of post offices, it said that sincere efforts should be make them IT enabled.