Citi, Deutsche, HSBC, Barclays eager to tie up with India Post Bank

New Delhi: Major global banks such as Citi, Deutsche Bank, HSBC and Barclays Bank are among the 26 players eager to tie up with state-run India Post Payments Bank, telecom minister Manoj Sinha informed the Parliament.

Major Indian banks and insurers, including State Bank of India, Punjab National Bank, Bank of Baroda and Axis Bank are also in talks with the Postal Department, Sinha said in a reply to a question in the Rajya Sabha.

The Postal Department “is in various stages of discussions with them,” he said.

“A decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man,” he said.

After getting the payments bank license last year, India Post Payments Bank launched two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) with basic products and banking services in partnership with PNB on January 30, 2017.

Payment banks are not allowed to undertake lending activities directly but can accept deposits in savings and current accounts. The maximum balance is capped at Rs 1,00,000 per individual.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.