"The postal department's
payment bank will be a game changer for financial inclusion. Several
international and national consortiums for third party services are keen to
partner with us. Deutsche Bank, Citi Bank, Barclays, Templeton and all the banks
of India and all mutual funds and insurance companies, except LIC, for third
party delivery, are willing to partner," the Indian Express quoted Ravi Shankar Prasad, Minister of
Communications and Information Technology, as saying.
According to the report, the
ministry has moved a Cabinet note for the proposal of India Post's payment
bank.
The Reserve Bank of India had
granted in-principle approval in August 2015 to 11 applicants which allowed
them to set up payments banks, including India Post.
Source : catchnews.com
