Many banks, insurance cos keen to partner with IPPB: Sinha

Nearly 100 firms, including SBI, LIC and MTNL, have approached the Department of Post for partnership with newly-launched India Post Payments Bank, Communications Minister Manoj Sinha informed Parliament today.
Other companies which have shown interest in collaborating with India Post Payments Bank include Yes Bank, IDBI Bank, HSBC, Axis Bank, Deutsche Bank, Barclays Bank and Citibank.
Insurance companies, which have approached the payments bank, include HDFC Life, ICICI Prudential, Max Life Insurance, and Bajaj Allianz Life.
"Many companies have approached the Department of Posts for collaboration with Indian Post Payments Bank," Sinha said in a written reply to the Rajya Sabha.

While the department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the value proposition for the common man.
To another question, the minister said that two bids have been received in response to a tender to select System Integrator for IPPB.

"Department of Posts had floated tender for selection of system integrator for setting-up of India Post Payments Bank on August 8, 2016. As only one bid was received on e-procurement portal, the tender process was cancelled on September 22, 2016," the minister said.
Afterwards, a modified tender was issued by October 17, 2016, which attracted two bids currently under evaluation.

"Deloitte Touche Tohmatsu India, Mumbai is providing consultancy to the Department and in involved in preparing the bid documents (Request for Proposal)," Sinha added.