Govt To Launch Postal Payments Bank In Sept: Reports

Union Minister Ravishankar Prasad has said that the Government plans to launch Postal Payments Bank in September with the aim to make it the world's largest bank.

Govt To Launch Postal Payments Bank In Sept: Reports
Commenting on the issue, the Union Telecommunication and IT Minister told the media, "I had plans to launch the proposed Postal Payments Bank, which can be described as moving ATM, in next three years but when the proposal was taken up in the cabinet, I was asked to introduce it by September 17."

"The minister said the officials of the department have been directed to initiate necessary steps to launch it by September 16/17. The proposed bank will be introduced in 650 districts across the country, he said, "we have plans to introduce in 1.30 lakh post offices in the rural belts", he added.

The Postal Payments Bank will provide banking services, insurance, third party delivery, collection of EMIs in rural pockets, he said, adding that the officials are being trained like professionals to make it a success.

Read more about: payment banks
Story first published: Monday, June 20, 2016, 8:40 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?