Guptas Pins Hope on Post Office to Save Their Business

The Bank of Baroda has given the Guptas notice that it will also close their accounts.

By Staff Writer

The Gupta family is banking on the South African Post Office being granted a banking licence as a way to save its businesses, according to the Sunday Times.

The controversial family’s business accounts were closed by the big four banks last year.

Furthermore, the Bank of Baroda has given the Guptas notice that it will also close their accounts.

Post Office CEO Mark Barnes said in June the company was waiting for the Reserve Bank to issue the Postbank a banking licence, according to the report.

“The applicants hope that it (Postbank) will be unbiased and will consider their requests for opening accounts favourably. I believe that the commencement of Postbank’s operations will, however, take at least eight months, said Ronica Ragavan, acting CEO of Oakbay Investments.a

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