GOVERNMENT OF INDIA
MINISTRY OF COMMUNICATIONS
DEPARTMENT OF POSTS
RAJYA SABHA
UNSTARRED QUESTION NO.2639
TO BE ANSWERED ON 24TH MARCH, 2017
INDIA POST PAYMENTS BANK
2639. SHRI C.M. RAMESH:
Will the Minister of COMMUNICATIONS be pleased to state:
(a) when was the concept of India Post Payments Bank mooted;
(b) the reasons for enormous delay in opening up of this Bank;
(c) the difference between regular bank and India Post Payments Bank; and
(d) whether it is a fact that there are companies which are keen to partner with India Post Payments Bank, if so, the details thereon?
ANSWER
THE MINISTER OF STATE (IC) OF THE MINISTRY OF COMMUNICATIONS &
MINISTER OF STATE IN THE MINISTRY OF RAILWAYS
(SHRI MANOJ SINHA)
(a) & (b) Department of Posts (DoP) applied to Reserve Bank of India (RBI) during January 2015 for setting up India Post Payments Bank (IPPB). RBI granted in-principle approval to the Department for Setting up Payments Bank on 7th September 2015 with a guideline to set up the bank within 18 months from the date of issue of the approval. Final License authorizing the bank to carry on Payments Bank business has been obtained from the Reserve Bank of India in terms of Section 22 of the Banking Regulation Act, 1949 on 20/01/2017. The India Post Payments Bank has launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.
(c) Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:
(i) Payment Banks are not allowed to undertake lending activities directly.
(ii) Payment Banks can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.
(iii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.
(iv) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.
(d) Yes Sir, many companies have approached the Department of Posts for collaboration with India Post Payments Bank. While the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. A list of companies interested in partnering with India Post Payments Bank is attached at Annexure A.
Annexure A
List companies keen to partner with India Post Payments Bank. | |
1 | YES Bank |
2 | Union Bank |
3 | Punjab National Bank |
4 | IDBI Bank (Industrial Development Bank of India) |
5 | SBI (State Bank of India) |
6 | Axis |
7 | Bank of Baroda |
8 | IDFC Bank (Industrial development finance company) |
9 | Deutshe Bank |
10 | Barclays Bank |
11 | Citibank |
12 | NABARD (National Bank For Agriculture & Rural Development) |
13 | HSBC (Hongkong and Shanghai Banking Corporation) |
14 | MICRO SAVE |
15 | Allahabad Bank |
16 | Indian Overseas Bank |
17 | Dena Bank |
18 | FIA (Financial Inclusion) |
19 | Kotak Mahindra Bank |
20 | United Bank of India |
21 | HDFC Life (Housing Development Finance Corporation) |
22 | Royal Sundaram |
23 | PNB Metlife (Punjab National Bank) |
24 | ICICI Lombard ( Industrial Credit and Investment Corporation of India Bank) |
25 | ICICI Prudential ( Industrial Credit and Investment Corporation of India Bank) |
26 | Bajaj Allianz Life |
27 | India First Life Insurance |
28 | Max Life Insurance |
29 | LIC (Life Insurance Corporation) |
30 | Transfort, USA |
31 | Western Union |
32 | UAE Exchange (United Arab Emirates) |
33 | Transfast, USA |
34 | UTI Asset Management (Unit Trust of India) |
35 | CMS Infosystem (Content Management System.) |
36 | Reliance Capital Limited |
37 | Ambay Forex |
38 | Centre For Digital Financial Inclusion (CDFI) |
39 | IDRBT (Institute for Development & Research in Banking Technology) |
40 | NIBM (National Institute of Bank Management) |
41 | Indian Institute of Corporate Affairs |
42 | National Stock Exchange |
43 | Access Assist |
44 | Muthoot Fin Corp |
45 | AnG India Ltd |
46 | Nomura Research Institute |
47 | Aumentis |
48 | Randstad |
49 | IBRT - Institution for Bank Recruitment and Training |
50 | Shilpi Architects |
51 | MTNL (Mahanagar Telephone Nigam. Mahanagar Telephone Nigam Limited) |
52 | Abc Infosystems |
53 | PFRDA (Pension Fund Regulatory and Development Authority) |
54 | Visa |
55 | Methodex Systems |
56 | iValue infosolutions |
57 | Inspira |
58 | Indepay |
59 | Mindgate Solutions |
60 | Layered Security |
61 | Nelito Systems |
62 | ITI Limited (Indian Telephone Industries Limited) |
63 | NCR Corporation (National Cash Register) |
64 | Finacus Solutions |
65 | BSNL (Bharat Sanchar Nigam Limited) |
66 | Tata Communication Payment Solutions |
67 | Mfino |
68 | Span Technologies |
69 | AGS Transact Technologies LTD |
70 | Wipro Ltd |
71 | Ezeetap |
72 | Diebold Systems Pvt Ltd |
73 | Hitachi Payments Services Pvt. Ltd |
74 | EPS |
75 | Fiorano software |
76 | Worldline India Pvt ltd |
77 | Transaction Analyst |
78 | Pay e, USA |
79 | Perpetuuity |
80 | Edgeverve |
81 | Obopay |
82 | Wordline |
83 | Oberthur |
84 | Burroughs Inc |
85 | Intellect Design Arena |
86 | 3i Infotech |
87 | RS Software |
88 | Empays |
89 | Hughes Communication India Ltd |
90 | Tsys (Total System Services) |
91 | AKS IT Services |
92 | Aditya Birla |
93 | Safeage |
94 | Tata AIG |
95 | Crane PI |
96 | Finsall |
97 | OKI |
98 | Agmatel |
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