The country’s largest postal service provider, India Post, is expected
to float a request for proposal this week to select a consultant for its
Postal Bank that is expected to be formed by December.
India Post has shortlisted six consultants, including EY, KPMG and
McKinsey, from which it will select one firm to take care of consultancy
work for the payments bank foray, a senior government official told
BusinessLine. “The firms were shortlisted on October 15. The name of the
one selected will go to the Public Investment Board (PIB) for approval.
Then the PIB will make recommendations to the Cabinet,” a government
official said.
The official said the whole project will go for Cabinet approval in
November (early next month). Once that approval comes through, the
company (Postal Bank) is expected to be registered as a public company
in December. India Post is among the 11 successful applicants that
recently got in-principle nod for payments bank licence from the Reserve
Bank of India. The new registered company will be called India Post
Payments Bank and will have an initial capital of ₹300 crore, higher
than the minimum ₹100 crore stipulated by the RBI. The company will be
based on a revenue-share model.
Once the company is set up, India Post will fully leverage the existing
postal network (technology, personnel, etc) for its payments bank foray
with a separate logo. The bank will undertake the following types of
payments: P2P (people to people) — involving, say, remittances; C2G
(citizen to government) — taxes, duties, levies, and so forth; C2B
(customer to bank) — e-commerce-related payments, among others; and G2C
(government to citizen) — such as direct benefits transfer payments.
Source: www.potools.blogspot.com
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