The Department of Post will launch its payments bank by January next year and top management of the new-age venture would be in-place by July, a senior official said today.
The Department of Post (DoP), along with 10 other entities, received in-principle approval from RBI to launch payments banks in August last year. The ‘in-principle’ approval is valid for a period of 18 months. “We (India Post Payments Bank) hope to hit streets by year-end or January next year because time for us is also very tight. Out of 18 months, we have have lost six months,” India Post Member for Banking and HRD, M S Ramanujan said at an event to mark 15 years of partnership with Western Union.