Govt to Double Max Amount of Deposits at Japan Post Bank

Tokyo, March 24 (Jiji Press)--The Japanese government disclosed Wednesday an outline of measures to revamp the government-held Japan Post Holdings Co. group, featuring a twofold increase in the upper limit on the amount of postal bank deposits.

The amount of per-customer deposits at Japan Post Bank will be
newly capped at 20 million yen, against the current 10 million yen,
according to the reform outline announced by Postal Reform Minister Shizuka
Kamei and Internal Affairs and Communications Minister Kazuhiro Haraguchi.
The government also plans to double the maximum amount of "Kampo"
life insurance benefits paid to policyholders by Japan Post Insurance Co. to
25 million yen from 13 million yen.
As for realignment of the group, the outline calls on the
government to keep holding more than a third of outstanding shares of a new
postal service holding company to maintain veto power.
The new holding company, to be created upon Japan Post Holdings'
merger with its Japan Post Network Co. and Japan Post Service Co. units.,
will be obliged to own more than a third of the banking and insurance arms.
The outlined measures will be incorporated into a postal reform
bill the government plans to submit to the current parliamentary session.
Those measures were formulated in order to enable people to receive
same services no matter where they live in this country, Kamei said.
END