The Public Investment Board has approved the Rs 800-crore proposal from India Post for setting up a payments bank and it will be placed before the Cabinet within a month for final approval.
The department is in the process of finalising the selection of a consultant for setting up India Post’s payments bank. It had shortlisted six consultants but only three of them submitted the bids.
The India Post payments bank will primarily target unbanked and under-banked customers in rural, semi-rural and remote areas, with a focus on providing simple deposit products and money remittance services.
The base for the payments bank is set to start from January 2017, and the full-fledged operations may start by March. As many as 40 international financial conglomerates including the World Bank and Barclays have shown interest to partner the postal department for setting up the bank.
Extra Info :
Postal Department Headquarter : New Delhi
There are 25,000 post offices and 1.3 lakh rural branch officers under the DoP across the in India currently.
So lets discuss some questions related to this article which can be asked in the upcoming exams :
1. Expand the term PIB.
2. Which organization has got approval for Rs. 800 Cr. proposal for setting up a payments bank ?
Courtesy : Economic Times