The Public Investment Board Clears Rs. 800 Crore proposal from India Post to set up Payment Banks, It will be kept before the Cabinet for the final approval within a month.
- The PIB which runs under Finance Ministry stimulates the investment proposals by state run companies.
- India Post also in line to finalize the consultant for setting up India Post’s payment bank and shortlisted six consultants but only three of them submitted the bids.
- RBI has granted Payment Bank License to the department which has been serving financial services through 1.55 lakhs branches and India Post Payment Bank will start its full-fledged operation from this march.
- Reserve Bank of India has given Principal approval to set up Payment Banks to 11 entities out of 56 applicants
- These banks targets unbanked areas which focusses financial inclusion irrespective of area people live be it city or remote village.
- It cannot lend and can accept Deposits up to 1 Lakh, also provides Debit Card not Credit Card.