Monday, May 16, 2016

Communication ministry to seek Cabinet nod for India Post payment bank in May

The Ministry of Communications and Information Technology is likely to seek the approval of the Union Cabinet for India Post's payment bank proposal in May.

"The postal department's payment bank will be a game changer for financial inclusion. Several international and national consortiums for third party services are keen to partner with us. Deutsche Bank, Citi Bank, Barclays, Templeton and all the banks of India and all mutual funds and insurance companies, except LIC, for third party delivery, are willing to partner," the Indian Express quoted Ravi Shankar Prasad, Minister of Communications and Information Technology, as saying. 

According to the report, the ministry has moved a Cabinet note for the proposal of India Post's payment bank.

The Reserve Bank of India had granted in-principle approval in August 2015 to 11 applicants which allowed them to set up payments banks, including India Post.

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