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Thursday, June 2, 2016

Cabinet approves postal department payments bank

India Infoline News Service | Mumbai | June 01, 2016 15:06 IST
The postal department’s payments bank will be a game changer for financial inclusion, said Ravi Shankar Prasad.  
The postal department payments bank received a green signal from the Cabinet today. The government to set up post payments bank with a corpus of Rs.800 crore and has plans to have 650 branches operational by September 2017, Ravi Shankar Prasad said. 

The postal department’s payment bank will be a game changer for financial inclusion said Ravi Shankar Prasad.

The domestic players in the fray for partnering India Post include NABARD, HSBC, Allahabad Bank, Indian Overseas Bank, Kotak Life Insurance, HDFC, PNB Metlife, ICICI Lombard, ICICI Prudential, and Bajaj Allianz, while the international ones, apart from Deutsche Bank, Barclays, Citi and Templeton, include Transport USA for renting solutions, Western Union, ClearSecurity and Japan’s Hitachi.  

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