NEW DELHI,April 10, 2016
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.
