India Post payments bank will be functional by March 17

Posted on:24 May 2016 15:14:44

India Post payments bank will be functional by March 17
24 May 2016 Current Affairs GK: The Union Minister for  IT & Communications  Ravi Shankar Prasad has announced the  India Post's payments bank will start functioning from March 2017 and serve as a wider platform to implement financial inclusion programmes .

India Post payments bank will have immense potential to sell third party product and services. About 50 companies, including some from abroad, are keen to partner with postal department for the payments bank, like World Bank , Citi from America, Barclay's from England .

The payments bank of postal department will become a big platform of financial inclusion .we are going to invest about Rs 800 crore -- Rs 400 crore will be invested by the department and the remaining amount will be equity part (mobilised as equity) .

Under (Prime Minister) Narendra Modi, we have decided to re-energise the postal department for India's growth and financial inclusion .In August 2015, the RBI had given in-principle approval to 11 entities to start payments bank, including the postal department. 

The approval is valid for 18 months and all the entities are required to submit a detailed business plan after which they shall be given the final nod. 

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