Citi, Barclays, 38 others willing to partner India Post: Ravi Shankar Prasad
Advertisement
As many as 40 domestic and multinational financial giants, including Citigroup , Barclays and ICICI Bank , have sought to partner India Post for its upcoming payments bank, Union Minister Ravi Shankar Prasad said today.
"You have only got the in-principle approval, and other aspects like appointing a consultant are on, but already 40 big financial services groups from the country and abroad have evinced interest in a tie-up with the Postal Department," the Communications and IT Minister said while addressing postal employees here.
He named American banking giant Citigroup, British lender Barclays and the country's largest private sector lender ICICI Bank among those who have sent tie-up proposals.
Prasad said the department is aiming to get the bank operational by March 2017.
He said some of the requests are for selling insurance, while some seek to provide government-to-citizen and company-to-citizen services.
The Postal Department features in a list of 11 entities who were given the go-ahead by the RBI last August to set up payments banks, aimed at promoting financial inclusion through deepening the formal financial system by focusing on transactional banking.
India Post is the only state-run entity to feature in the list, which is populated by industrial houses like the Birlas, Ambanis, and Mahindras, apart from telecom biggies likeAirtel and Vodafone.
The Department's reach, spanning 1.54 lakh touch points across the country, is its strength and the employees should leverage it for maximising revenue, he said.
Prasad said as against a dip of 2 per cent in 2013-14, the revenue of the department grew 37 per cent in FY15 and has jumped 120 per cent till December 2015. He, however, did not give the absolute figures.
Prasad, who was speaking after inaugurating an e-commerce parcel processing centre at Parel in central Mumbai, said the department has done cash-on-delivery based deliveries of Rs 1,000 crore in 2015.
Noting that the e-commerce market is around Rs 98,000 crore and is estimated to grow exponentially going forward, Prasad asked the employees to make India Post the largest e-commerce logistics company in the world.
Over 65 per cent of the e-commerce orders are from smaller towns, which can serve as an advantage to the Department due to its wide network, he said.
To develop the network, the department is getting all the post offices on the core banking platform and is also giving hand-held devices to postmen that can be used during deliveries and selling insurance by March 2017, he said.
Advertisement
"You have only got the in-principle approval, and other aspects like appointing a consultant are on, but already 40 big financial services groups from the country and abroad have evinced interest in a tie-up with the Postal Department," the Communications and IT Minister said while addressing postal employees here.
He named American banking giant Citigroup, British lender Barclays and the country's largest private sector lender ICICI Bank among those who have sent tie-up proposals.
Prasad said the department is aiming to get the bank operational by March 2017.
He said some of the requests are for selling insurance, while some seek to provide government-to-citizen and company-to-citizen services.
The Postal Department features in a list of 11 entities who were given the go-ahead by the RBI last August to set up payments banks, aimed at promoting financial inclusion through deepening the formal financial system by focusing on transactional banking.
Advertisement
India Post is the only state-run entity to feature in the list, which is populated by industrial houses like the Birlas, Ambanis, and Mahindras, apart from telecom biggies like
The Department's reach, spanning 1.54 lakh touch points across the country, is its strength and the employees should leverage it for maximising revenue, he said.
Prasad said as against a dip of 2 per cent in 2013-14, the revenue of the department grew 37 per cent in FY15 and has jumped 120 per cent till December 2015. He, however, did not give the absolute figures.
Prasad, who was speaking after inaugurating an e-commerce parcel processing centre at Parel in central Mumbai, said the department has done cash-on-delivery based deliveries of Rs 1,000 crore in 2015.
Noting that the e-commerce market is around Rs 98,000 crore and is estimated to grow exponentially going forward, Prasad asked the employees to make India Post the largest e-commerce logistics company in the world.
Advertisement
Over 65 per cent of the e-commerce orders are from smaller towns, which can serve as an advantage to the Department due to its wide network, he said.
To develop the network, the department is getting all the post offices on the core banking platform and is also giving hand-held devices to postmen that can be used during deliveries and selling insurance by March 2017, he said.
Advertisement
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024
- Upcoming smartphones launching in India in May 2024
- Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
- Women in Leadership
- Rupee declines 5 paise to 83.43 against US dollar in early trade
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market