Thursday, April 28, 2016
DoP seeks Cabinet nod for payments bank proposal
New Delhi,
Apr 27 (PTI) the Department of Posts (DoP) has sought Cabinet approval for its
payments bank proposal involving a project cost of Rs 800 core. The Public
Investment Board (PIB) has recommended that the payments bank may be set up as
a public limited company under the Department of Posts with 100 per cent
government equity. "With a project cost of Rs 800 core (Rs 400 core equity
and Rs 400 core grant) and the draft cabinet note has been forwarded to Cabinet
Secretariat seeking the approval for the project," Telecom Minister Ravi
Shankar Prasad said in a written reply to the Lok Sabah The Reserve Bank of
India granted in-principle approval to DoP for setting up payments bank on
September 7, 2015, with a stipulation to complete all formalities for setting
up the bank with 18 months. The present proposal is that the India Post
Payments bank (IPPB) may set up one head quarter and up to 650 branches
co-located in district head quarter post offices."...more than 60 large
companies have approached the Department of Posts for collaboration with the
prospective IPPB," the Minister added. Prasad said the project may be
rolled out in a phased manner and the bank may complete its nation-wide roll out in five years."All the post offices in a district may be linked to the
respective IPPB branch and may become the access point for the services of
payments bank and will coordinate with the payments bank branches to which they
are mapped," the Minister said. He further said services available through
the payments banks will be basic banking services like acceptance of demand
deposits such as current and savings accounts up to a balance of Rs 1 lakh, various kinds of
payments, including social security payments like DBT payments, person to
person remittances (both domestic and cross-border)."Apart from these,
financial products like insurance, mutual funds, pensions, credit etc may be
distributed through third party tie ups with banks and other financial service
providers especially in rural areas and among the under banked segments of the
society," he added. Regarding International Finance Corporation, a member
of World Bank, has shown interest in picking up stake in the business, Prasad
said some preliminary discussions had taken place but no formal proposal to
this effect has been received.
Wednesday, April 27, 2016
New URL For IMO Web Site, India Post …..
The web address for
IMO, India Post has been changed. Click below link to Open IMO website for
Booking / Make Payment.
https://www.epostoffice.gov.in/imo/
https://www.epostoffice.gov.in/imo/
Tuesday, April 26, 2016
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