Friday, April 1, 2016

PIB clears India Post’s Rs 800 crore proposal for payments bank

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.
About Payment Banks:
  • 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.

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