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 .
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:economictimes
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