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
Shashi Tharoor on guest list of Putin State dinner; Rahul Gandhi, Kharge not invited
December 05, 2025
-
News
Putin launches RT India Kremlin-funded RT Network's India arm with 100-member team
December 05, 2025
-
News
Inside Putin's India visit: You wont believe what's on the agenda!
December 04, 2025
-
News
Imminent threat: Marco Rubio warns against rise of radical Islam, announces US visa crackdown
December 04, 2025
-
News
You wont believe what Air India did to Anoushka Shankars sitar shes furious!
December 04, 2025
-
News
Bengal SIR shock: 1 lakh deceased voters found in Kolkata North!
December 03, 2025
-
News
Calcutta HC overturns controversial Bengal job annulment 32,000 teachers rejoice!
December 03, 2025
-
News
A Sonia Gandhi on the BJP ticket? Only in Munnar
December 02, 2025
-
News
Rahul Gandhis quip on pets in Parliament rekindles dog Row, BJP slams disrespect
December 02, 2025
-
News
Imran Khan mentally tortured, says sister after rare jail meeting amid rumour storm
December 02, 2025
