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India Post to launch payment bank by March 2017

Tuesday 29 December 2015 | 10:09 AM CET

India Post is allegedly planning to launch its payment bank by March 2017, according to Communications Minister Ravi Shankar Prasad.

Earlier in 2015, the minister said Japanese company Hitachi is interested in partnering with the postal department for payment bank solutions, ndtv.com reports. The Reserve Bank of India granted in-principle approval to 11 applicants in August, 2015 to set up payment banks.

According to the apex bank's guidelines, payments banks would offer a limited range of products such as demand deposits and remittances. The event saw the launch of 23 products and services, including pan-India free incoming roaming facility for MTNL customers.

The minister also inaugurated Wi-Fi hotspots at Har ki Pauri, Haridwar and Dargah Sharif, Ajmer. India Post has been seeking to modernise its services as well as deal with ecommerce clients in a bid to revitalise its slowing use. The Postal Department's strategy to pursue the online domain has paid off, with a 37% jump in parcel revenues reported in July, 2015.

In partnerships with ecommerce majors, the Postal Department had facilitated the deal for online players with an SMS facility to inform customers about delivery status of their parcels, and additional security with CCTV and access control systems to ensure safety of articles.

More: Link
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