Government is likely to Register The Postal Bank By The End of The Year
The government is likely
to register the postal bank by the end of the year while a pilot for payment
services will be launched around January 2017.
According to sources, as
per the timeline for setting up postal bank, approval from NITI Aayog will be
secured by mid-October followed by public investment board's nod by October-end
and Cabinet approval in November.
"The registration for postal bank is planned be done in December and a
pilot will be launched in January 2017," said an official in the
Communications and IT Ministry.
He said the bank will be an independent company with initial corpus of Rs
300 crore and the new entity will enter into revenue sharing model with the
Department of Posts (DoP).
The Reserve Bank had granted in-principle approval to 11 applicants,
including DoP, in August to set up payments banks.
As per RBI guidelines, payments banks would offer a limited range of
products such as demand deposits and remittances. They will not be allowed to
undertake lending activities and will initially be restricted to holding a
maximum balance of Rs 1 lakh per individual customer.
They will be allowed to issue ATM or debit cards as also other prepaid
payment instruments, but not credit cards.
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