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India Post gets payments bank licence to start services
Posted on: 30/Jan/2017 12:13:10 PM
The Reserve Bank of India has given payments bank licence to Indian Posts. The postal department has confirmed this.
An official of the postal department said that the India Post has received payments bank licence and the service will be launched as per schedule. After Bharti Airtel and Paytm, India Post has received payments bank permit.
A.P. Singh has been appointed as interim MD and CEO of the India Post Payment Bank. He was Joint Secretary in the Department of Disinvestment and one of the members of the founding team that introduced Aadhaar.
In 2015, RBI had granted approval to 11 entities to set up payments banks. Three entities have quit this scheme.
Few months back, Airtel Payments Bank launched nationwide operations. In the next few months Paytm is expected to start operations of its payments bank. Paytm has invested Rs 400 Crores for this project.
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