image

Over 20 companies ready to partner India Post Payments Bank says Minister Manoj Sinha

by IBNS 26 Mar 2017, 11:42 pm

#IndiaPost #PaymentsBank #IndiaPostPaymentsBank #MaheshSharma

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

Related Videos
Video

Taste of America, Indian style

by India Blooms 09 Jul 2015, 03:37 am

Video

Love is the Drug

by Hannah Cornett 01 Jun 2015, 02:00 am

Video

Can India benefit from Kentucky coal?

by ibns 30 Jan 2015, 02:12 am

Video

Bollywood weekly round up

by ians 11 Aug 2014, 01:44 am

Related Photos
PM Modi condoles the passing of Pope Francis, shares throwback images

PM Modi condoles the passing of Pope Francis, shares throwback images

by Trans World Features 21 Apr 2025, 05:32 am

Narendra Modi takes oath for rare third term as Prime Minister

Narendra Modi takes oath for rare third term as Prime Minister

by Trans World Features 09 Jun 2024, 01:36 pm

PM Modi launches Ram Mandir amid a gathering of seers and celebrities

PM Modi launches Ram Mandir amid a gathering of seers and celebrities

by Trans World Features 24 Jan 2024, 02:26 am