"We are very excited about it. We have our own strength in terms of ubiquity which we will be leveraging. We are going to induce digital technology. We are looking for partnership where it will be a win-win situation for all," M S Ramanujan, Member Banking, Postal Services Board said.
     
The Reserve Bank last evening gave in-principal approval to 11 entities, including Reliance Industries, Aditya Birla Nuvo, Vodafone, Airtel and Department of Posts, to set up Payments Banks.
    
Other applicants which received approval for Payment Banks are Cholamandalam Distribution Services, Tech Mahindra, National Securities Depository Limited (NSDL), Fino PayTech, Sun Pharma's Dilip Shantilal Shanghvi and PayTM's Vijay Shekhar Sharma.
    
Ramanujan said India Post is in talks with other telecom companies which has received approval to set up Payment Banks. "We are in talks with telecom companies which have already received in-principle approval today (for payment bank)," he said.
    
"Payments bank is not to be viewed as adversarial competition but as a collaborative competition," he added.

With 155,015 post offices across the country, of which 139,144 are in rural areas, India Post offers its partner a wider reach. India Post can take advantage of the digital platform provided by telecom players.

 

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