India Post has selected Deloitte to
advise it on setting up a payments bank and an agreement between the two will
be signed on March 14.
The Public Investment Board has already
approved the Rs 800-crore proposal of India Post and in 15 days, it will go to
the Cabinet for final approval.
"We have selected Deloitte as the
consultant for payments bank. The agreement will be signed on March 14,"
an official in the Department of Post (DoP) told PTI.
India Post payments bank will
primarily target unbanked and under-banked customers in rural, semi-rural and
remote areas, with a focus on providing simple deposit products and money
remittance services.
The pilot for the payments bank is
set to start from January and the full-fledged operations will start by March.
As many as 40 international
financial conglomerates including World Bank and Barclays have shown interest
to partner the postal department for setting up the bank.
Reserve Bank had granted payments
bank permit to the department, which is already into providing financial
services and has 1.55 lakh branches across the country.
Source: The Economic Times
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