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Public Investment Board approved INDIA POST's Rs 800 crore payments bank setup

The dept is concentrating on seleting a  choice of an advisor for setting up of the India Post payments bank.

The Public Investment Board has endorsed the Rs 800-crore proposition from India Post for setting up an payments bank and it will be put before the Cabinet inside of a month for definite endorsement. PIB, under the Finance Ministry, whets the venture recommendations by state-run elements.

"The PIB meeting has been hung on January 19 and the proposition has been endorsed. The suggestions of PIB will now be put before the Cabinet for definite endorsement," a senior authority of Department of Post told PTI.

The division is additionally during the time spent finishing choice of an advisor for setting up of the India Post payments bank.It had shortlisted six specialists yet just three of them presented the offers.

The India Post payments bank will essentially target unbanked and under-managed an account clients in provincial, semi-country and remote ranges, with an emphasis on giving basic store items and cash settlement administrations.

The pilot for the payments bank is set to begin from January 2017 and the undeniable operations might begin by March. Upwards of 40 global budgetary combinations including World Bank and Barclays have indicated enthusiasm to accomplice the postal division for setting up the bank.

The Reserve Bank has conceded payments bank grant to the division, which is now into giving budgetary administrations and has 1.55 lakh branches the nation over. According to the RBI rules, an payments bank can offer constrained administrations, for example, request stores and settlements.

They won't be permitted to embrace loaning exercises and will at first be limited to holding a greatest parity of Rs 1 lakh for each individual client. They will be permitted to issue ATM or check cards as other prepaid payment instruments however not charge cards.

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