Monday, March 27, 2017

More than 2 dozen companies want collaboration with India Post Payments Bank-Manoj Sinha

More than 2 dozen companies want collaboration with India Post Payments Bank-Manoj Sinha

Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. Replying to a question in the Rajya Sabha, the Minister of Communications Shri Manoj Sinha said that while the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.

Shri Sinha also said that the Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:

(i) Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.

(ii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.

(iii) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.
A list of companies interested in partnering with India Post Payments Bank is attached at Annexure A.

List companies keen to partner with India Post Payments Bank.
1YES Bank
2Union Bank
3Punjab National Bank
4IDBI Bank (Industrial Development Bank of India)
5SBI (State Bank of India)
6Axis
7Bank of Baroda
8IDFC Bank (Industrial development finance company)
9Deutshe Bank
10Barclays Bank
11Citibank
12NABARD (National Bank For Agriculture & Rural Development)
13HSBC (Hongkong and Shanghai Banking Corporation)
14MICRO SAVE
15Allahabad Bank
16Indian Overseas Bank
17Dena Bank
18FIA (Financial Inclusion)
19Kotak Mahindra Bank
20United Bank of India
21HDFC Life (Housing Development Finance Corporation)
22Royal Sundaram
23PNB Metlife (Punjab National Bank)
24ICICI Lombard ( Industrial Credit and Investment Corporation of India Bank)
25ICICI Prudential ( Industrial Credit and Investment Corporation of India Bank)
26Bajaj Allianz Life

PIB

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