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India Post claims to bring on board 6 candidates for payments bank foray

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Kicking off to be a giant Postal service provider, India Post, is looking ahead to sail a solicitation this week to pick a consultant for its Postal Bank. This is calculated to be moulded by December.Almost half a dozen consultants are shortlisted by India Post. Inclusive of EY, KPMG and McKinsey, out of which one firm will be screened to take care of consultancy tasks for the deposit banks foray, a superior government official commented “The firms were shortlisted on October 15. The name of the one selected will go to the Public Investment Board (PIB) for approval. Then the PIB will make recommendations to the Cabinet.”

Adding to which the entire project is expected to go for cabinet sanctioning early next month. Shall the project be approved and Postal Bank will be registering as a public company by the end of the year. India Post is one out of the 11 most accomplished suppliants that lately got in-preposition approval for payments bank licence by the Reserve Bank of India.

Consisting of a primary capital of ₹300 crore, much greater than the least of ₹100 crore that was insisted upon by the RBI, will be contemporarily approved and termed India Post Payments Bank. As Soon as the Organizations gets ready to go on board India Post will  drastically push the currently prevailing postal network for a few of its further payments.This bank will deal with numerable kinds of payments. They would consist of the following: P2P (people to people) — involving, say, remittances; C2G (citizen to government) — taxes, duties, levies, and so forth; C2B (customer to bank) — e-commerce-related payments, among others; and G2C (government to citizen) — such as direct benefits transfer payments.

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