Subject: India Post – 800 cr. for payment bank.
There are 154,000 post office in the country, with over 22,000 having core-banking facilities. Very soon postmen will be familiar with smartphones, and IPads as government is ready with payment bank scheme for the India Post. Out of 154,000 post offices, 139,000 are in rural India. About 650 branches of postal payments bank will be established in India and will linked to rural post offices. Postmen will be given smartphones and IPads to improve efficiency.More details are as under:
>A payment bank can take deposits but will not be able to lend money.
>the limit of deposits has been capped at R.1 lakh
>These banks can issue ATM/debit cards but not credit cards
>They can remit money through channels such as banking correspondents
>In August 2015, RBI gave payments banks licence to 11 entities, 3 of whom have give up their plans.They are, IDFC Bank, Telenor Fin. svcs, and Tech Mah.)
Sunder T


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