Giants to partner with India Post |
Top global financial firms Barclays, Citibank, Deutsche Bank, Western Union, Visa and domestic giants State Bank of India and Punjab National Bank are among over five dozen companies that have queued up to partner with the payments bank arm of the country`s postal department. Even the International Finance Corporation, a member of the World Bank Group, has shown interest in picking up a stake in the business.There are nearly 1.5 lakh post offices across the country, 1.3 lakh in rural India. Telecom minister Ravi Shankar Prasad said that the postal network and services are the backbone for lastmile connectivity across the country and their modernization as well as digitization are bearing fruit. Incidentally, India Post has got a payments bank licence, there is a scramble to forge partnerships and alliances.The postal department bagged a licence for a payments bank from the Reserve Bank of India in August last year. transfer.The interest in partnerships with the postal department comes against the backdrop of the success that India Post has achieved after tying up with over 800 e-commerce companies, including Flipkart, Snapdeal and Amazon.
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