Your postman is set to become a banker with the Union Cabinet clearing a proposal to set up a postal bank. The move will see the postman provide a host of financial services at your doorstep, armed with an iPad and a smartphone. These will range from basic banking services like opening current or savings accounts (with a balance of up to Rs 1lakh) to all kinds of payments —including social security payments, person-to-person remittances — and distribution of financial products such as insurance and mutual funds.

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