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India Post selects Deloitte as consultant for payments bank

Public Investment Board has already approved the Rs 800-crore proposal of India Post

has selected to advise it on setting up a and an agreement between the two will be signed on March 14.

The 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 PTI.

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.

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Business Standard
177 22
Business Standard

India Post selects Deloitte as consultant for payments bank

Public Investment Board has already approved the Rs 800-crore proposal of India Post

Press Trust of India  |  New Delhi 



An employee at India Post's e-Commerce Parcel Processing Centre in Mumbai (pic: Kamlesh Pednekar)
An employee at India Post’s e-Commerce Parcel Processing Centre in Mumbai (pic: Kamlesh Pednekar)

has selected to advise it on setting up a and an agreement between the two will be signed on March 14.

The 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 PTI.

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.

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India Post selects Deloitte as consultant for payments bank

Public Investment Board has already approved the Rs 800-crore proposal of India Post

Public Investment Board has already approved the Rs 800-crore proposal of India Post has selected to advise it on setting up a and an agreement between the two will be signed on March 14.

The 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 PTI.

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.
image
Business Standard
177 22
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