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| L to R 1) M. S. Ramanujan Member (HR) 2) T. Murthy Member (O) 3) S. K. Sinha Secretary (Posts) 4) Hon'ble MoC Shri Ravishankar Prasad 5) Ashutosh Tripathi Member (P) 6) Sanjeev Thapar Member (Tech) |
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| Union Minister of IT and Communications, Sri. Ravi Shankar Prasad, addressing press conference in Hyderabad on Sunday |
Hyderabad, May 22:
The Payment Bank proposed by the
Department of Posts (DoP) will become operational from March 2017. The
Centre is investing ₹800 crore, including ₹400 crore from the
Department, to set up the bank. The Department is running pilots in a
few States to test the model.
“We are taking it to
the Cabinet (for the go-ahead). We will make the bank operational by
March 2017,” Union IT, Telecom and Communications Minister Ravi Shankar
Prasad has said.
Addressing a press conference here
on Sunday, he said as many as 50 global banking and financial
institutions have shown interest to take part in the DoP’s payment bank,
to offer third party services. The list includes the World Bank, Citi
(the US), Deutsche Bank and Barclays of the UK.
“The
bank will act as a big platform for offering financial inclusion
services. The DoP board will take a call on the tie-ups. They will offer
insurance and other financial products, using the vast DoP’s network in
the country,” he said. The Minister was in the city to take part in the
annual meeting of Heads of (Postal) Circles that discussed Financial
Sustainability for three days beginning May 20.
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