Postal Dept's payment bank from March 2017: Prasad

Telecom Minister Ravi Shankar Prasad on Monday said India Post will launch its payment bank by March 2017.

As many as 40 international financial conglomerates, including the World Bank and the Barclays, have shown interest to partner with postal department for the payment bank, Prasad said on the sidelines of an event on “Good Governance”.

“We will start the postal payment bank by March 2017,” the minister said.The Reserve Bank granted in-principle approval to 11 applicants, including postal department, in August to set up payments banks.