India Post Payment Bank will set up 5000 ATMs across the country

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India Post has been given ‘in-principle’ approval for launching payment bank. IT Minister Ravi Shankar Prasad has declared that India Post shall transform into world’s largest banking network as they will be launching 5000 ATMs across the country.



Yesterday, Union Cabinet approved the proposal to launch India Post’s Payment Bank, thereby removing the last hurdle in the process. As per reports, India Post shall launch their banking operations by March, 2017.

Minister Prasad tweeted, “India Post #PaymentBank will set up 5000 ATMs across the country. It will be the largest banking network in the world.”

India Post Payment Bank will set up 5000 ATMs across the country

As per Minister Prasad, India Post’s entry into the banking domain would be a gamechanger. There are 1.54 lakh post offices spread across India right now, whose reach and penetration goes deep inside rural hinterland.


Once each of these post-offices would start offering banking operations, then it would unleash a new wave of financial inclusion never witnessed in India.
IT Minister Prasad also shared the fact that India Post Bank will aggressively sell financial products as well. Infact, as the reach and power of India Post’s new banking platform is spreading, leading financial product companies have started approaching Indian Govt. for a possible partnership.


Minister said, “50 top names are here including Barclays and others. Talks are on and a huge matrix will be created,”

As of now, Airtel Money-Kotak Mahindra Bank JV is poised to open their first Payment Bank outlet, as RBI has allocated payment bank license to them.

Source : Trak.In
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