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
|
************
//COPY//