India Post to keep PM posted on Bank plans

India Post to keep PM posted on Bank plans

The Rs. 800-crore proposal will come up for Cabinet approval in 15 days.

Prime Minister Narendra Modi will hold a meeting with senior officials of the Department of Posts, or India Post, to take stock of its preparedness to roll out its payments bank.

“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.

Licence

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.