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
Union Budget 2025: Laxman Jaiswal calls depreciating rupee, declining stock market as critical challenges faced by Indian economy
January 22, 2025
-
News
Donald Trump takes oath as 47th US President
January 21, 2025
-
News
Sona SPEED partners Sarla Aviation to design-make critical components for eVTOL air taxi
January 20, 2025
-
News
Magh Bihu celebrated in Kolkata
January 15, 2025
-
News
Justin Trudeau announces resignation as Canada's PM amid rising pressure by partymates
January 06, 2025
-
News
30 shots fired in mass shooting outside New York nightclub that injured 11: NYPD
January 02, 2025
-
News
Truck driver who rammed into New Orleans crowd flying ISIS flag identified as US Army veteran Shamsud-Din Jabbar
January 02, 2025
-
News
US: Mass shooting at a New York nightclub, 11 people shot
January 02, 2025
-
News
Jimmy Carter, longest-living US president, dies at 100
December 30, 2024
-
News
Flight catches fire after rough landing in Canada amid South Korean plane crash
December 29, 2024
