image
Over 20 companies ready to partner India Post Payments Bank says Minister Manoj Sinha
New Delhi, Mar 27 (IBNS): More than 20 companies are interested in collaborating with India Post Payments Bank, said Union Minister of Communications Manoj Sinha on Monday.
He was replying to a question in the Rajya Sabha.
The minister said that many companies have approached the Department of Posts for collaboration with India Post Payments Bank.
He said that while the Department is in various stages of discussions with the companies, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man.
The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) onJan 30 this year with basic products and banking services in partnership with Punjab National Bank.
Sinha also said that the Payments Banks are different from regular Banks in several fundamental ways as per Reserve Bank of India (RBI) guidelines for Licensing of Payments Banks:
Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000 (Rupees one lakh only) per individual customer.
Payment Banks cannot accept Non Resident Indian (NRI) deposits.
The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.
The Minister's reply included a list of companies that have expressed interest in the scheme. Some of them are --YES Bank, Punjab National Bank, NABARD (National Bank For Agriculture & Rural Development), HDFC Life (Housing Development Finance Corporation), Bajaj Allianz Life.
Image: IndiaPost Twitter
Top Headlines
-
News
Mamata Banerjee appeals to CJI for protection from targeting by agencies amid ED row
January 18, 2026
-
News
Trump tariff bomb on Iran trade: Tharoor flags existential crisis for Indian exporters
January 15, 2026
-
News
Major blow to Mamata! SC stays FIRs, flags state meddling in central probe as serious issue
January 15, 2026
-
News
Russia warns US against strikes on Iran, calls threats 'unacceptable after Trump's 'help on way' promise
January 13, 2026
-
News
Rahul Gandhis Jana Nayagan post fuels Congress churn over possible TVK outreach in Tamil Nadu
January 13, 2026
-
News
India to roll out vehicle-to-vehicle communication technology by 2026 to boost road safety
January 08, 2026
-
News
Qualitatively different: Supreme Court shuts bail door on Umar Khalid, Sharjeel Imam in Delhi riots case
January 05, 2026
-
News
Kolkata CP urges elderly to stay alert against digital scams at Pronam interaction
January 03, 2026
-
News
New Year gift for rail passengers! PM Modi to flag off first Vande Bharat sleeper in January all details
January 02, 2026
-
News
Hindu man stabbed and set ablaze in Bangladesh survives by jumping into pond; fourth attack in two weeks
January 01, 2026
