Government to register postal bank in the last of year

Author yuvamind

Government to register postal bank New Delhi:-The government is probable to register the postal bank in the end of the year while a pilot for payment services will be begun around up to January 2017. According to reference, each the timeline for setting up postal bank, who is approved from NITI Aayog will be reserved by mid-October followed by public investment board’s agree by October-end and Cabinet approval in November. Officer said an Information Technology Minister, “The plan has reserved to be activating in December for postal bank registration and a pilot will be launched in January 2017.” He expressed the bank will be an independent company with beginning  value of Rs 300 crore and the new entity will enter into revenue sharing model with the Department of Posts . The Reserve Bank had granted in-principle approval to 11 applicants, including DoP, in August to put in 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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