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
ECI announces third phase of SIR; Himachal, J&K, Ladakh excluded for now
May 14, 2026
-
News
Putin unleashes Satan 2: Russia tests ICBM with 35,000 km range
May 13, 2026
-
News
2 killed, 3 critically injured in multi-storey building fire in Kolkata's Tiljala
May 12, 2026
-
News
Who after Mamata in Bengal? Amit Shah to meet BJP MLA-elects ahead of May 9 oath
May 06, 2026
-
News
Mamata Banerjee refuses to 'resign', calls EC 'villain'
May 05, 2026
-
News
Bengal trends: BJP on course to form government
May 04, 2026
-
News
Bangladesh MP warns of refugee crisis if BJP wins West Bengal polls
May 01, 2026
-
News
Rain, protests, and slogans: TMC-BJP faceoff erupts outside Kolkata's Netaji Indoor Stadium strong room
April 30, 2026
-
News
Bengal polls: Mamata rejects exit poll projections, claims decisive TMC return to power
April 30, 2026
-
News
Operation Sindoor proved terror epicentres are not immune: Rajnath Singh at SCO meet
April 28, 2026
