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DoP to seek Cabinet nod for Rs 292 crore to set up payments bank

Industry Economy

The Department of Posts (DoP) is expected to seek Cabinet nod within two months for raising Rs 292 crore from public investment board to set-up payments bank, for which it has already got the RBI approval. Payments bank licence will allow companies to collect deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers and sell insurance and mutual funds. The DoP expects to roll out payment bank services by March 2017.

Extracted from ET, Sep 27,’15

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