India Post to launch payment bank by March 2017: Ravi Shankar Prasad

India Post will launch its payment bank by March 2017. Inaugurating the Good Governance Week Celebration in New Delhi yesterday, Communication and IT Minister Ravi Shankar Prasad gave this information. 

Mr Prasad said, 40 international financial conglomerates,



including World Bank and Barclays, have shown interest to partner with Postal Department for the payment bank.

The Reserve Bank of India had granted in-principle approval to 11 applicants, including Postal Department, in August to set up payments banks.