Public Investment Board approves India Post payment bank proposal

Q.  Public Investment Board has approved INR 800 crore proposal from which government body/department for setting up payments bank?
- Published on 22 Feb 16

a. DoT
b. India Post
c. Indian Railways
d. None of the above

ANSWER: India Post
Public investment Board has given the approval for an INR 800 crore proposal from India Post for establishing a payments bank. This bank will target unbanked and under-banked customers in rural, semi-rural and remote areas, with a focus on providing simple deposit products and money remittance services. The pilot for the payments bank is set to start from January 2017, and the full-fledged operations may start by March. Close to 40 global financial conglomerates including the World Bank and Barclays have shown interest to partner the postal department for setting up the bank.

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