Five foreign consultants in race for "Post Bank of India" (PIB) project.

The Department of Posts has issued request for proposals (RFP) to five top notch foreign consultancy firms for the proposed Post Bank of India project.

The five short-listed firms are Accenture Services, Boston Consulting Group, Ernst & Young, KPMG Advisory Services and McKinsey & Co.

The Department of Posts (DoP) is looking to set up a bank — Post Bank of India (PBI) — to provide banking services with special focus on rural areas.

Besides providing a platform for financial inclusion, the Post Bank of India will provide means of additional revenue generation for the DoP.

The consultancy firms chosen, out of the five short-listed ones, will as part of the assignment focus on Detailed Project Report (DPR) on creation of PBI, financial viability of PBI, proposed organisational structure of PBI in the light of RBI regulations, and relationship between PBI and Post Office Savings Bank.

Source : http://www.thehindubusinessline.com