“The
Prime Minister has asked for a presentation on the payments bank before
it is taken up in the Cabinet. The presentation is expected to be made
on April 14,” a senior Telecom Ministry official said.
Mr. Modi will be updated on the other initiatives of the department, including digitisation and e-commerce services.
The meeting will be attended by India Post officials, including its Secretary, Kavery Banerjee.
The
Public Investment Board has approved the Rs. 800-crore proposal of
India Post, and it is expected to come up for Cabinet approval in the
next 15 days.
India Post has selected Deloitte to
advise it on setting up the payments bank, which is expected to be
operational by March 2017.
License
India Post
was among the 11 entities to have received licences for setting up the
payments bank from the Reserve Bank of India last year.
As
many as international financial conglomerates, including the World Bank
and Barclays, have shown interest to partner the postal department for
setting up the bank.
