The Government today cleared proposal to set up India Post payments bank with a corpus of Rs. 800 crore and has plans to have 650 branches operational by September 2017, Telecom Minister Ravi Shankar Prasad said today.
“The Cabinet has cleared proposal of postal payments bank. We have 1.54 lakh post offices of which 1.39 lakh are rural post offices. 650 branches of postal payments bank will be established in the country which will be linked to rural post offices,” Prasad said. The Minister said the payments bank, which will be run by Chief Executive Officer, will be professionally managed and there will be a representation from various other government departments including the Department of Posts, Department of Expenditure, Department of Economic Services etc.