Here are 50 financial institutions that want to partner with India Post payments bank

The Government of India on Wednesday cleared a proposal to set up India Post payments bank with a corpus of Rs 800 crore which will make it the largest banking network in the world.

Around 50 national and international financial institutions are interested in partnering with India Post payments bank.

 "The Cabinet has cleared the 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," Communication and Information Technology Minister Ravi Shankar Prasad said on Wednesday.  

India Post has plans to set up 650 branches of postal payments bank in one year.

"Total architecture of postal payments bank is of Rs 800 crore which will have Rs 400 crore equity and Rs 400 crore grant. By September 2017, all 650 branches of postal payments bank will become operational. This we had planned for three years but now we will be doing it in a year," Prasad said.

The minister tweeted on Twitter saying India Post payments bank will set up 5,000 automated teller machines (ATMs) across the country and it will be the largest banking network in the world. 

The country's public-owned postal organisation has the widest reach across India and financial institutions partnering up with it will boost their customer database.  

Here is the list of 50 national and international financial institutions who are interested in partnering with India Post payments bank: 

1.  Yes Bank 

2.  Union Bank

3. Punjab National Bank

4. IDBI Bank 

5. SBI 

6. Axis 

7. Bank of Baroda

8. IDFC Bank

9. DeutscheBank

10. Barclays Bank 

11. Citibank

12. NABARD

13. HSBC 

14. Micro Save 

15. Allahabad Bank 

16. Indian Overseas Bank 

17. Dena Bank

18. FIA 

19. Kotak Mahindra Bank 

20. United Bank of India 

21. HDFC Life 

22. Royal Sundaram 

23. PNB Metlife 

24. ICICI Lombard 

25. ICICI Prudential 

26. Bajaj Allianz Life 

27. India First Life Insurance 

28. Max Life Insurance 

29. LIC

30. Transfort, USA

31. Western Union 

32. UAE Exchange 

33. Transfast, USA

34. UTI Asset Management 

35. CMS Infosystem 

36. Reliance Capital Ltd 

37. Ambay Forex 

38. Centre For Digital Financial Inclusion 

39. IFC-World Bank 

40. IDBRT (established by RBI) 

41. NIBM

42. Indian Institute of Corporate Affairs 

43. National Stock Exchange 

44. Muthoot Fin Corp 

45. Nomura Research Institute 

46. Aumentis 

47. Randstad 

48. IBRT-Institution For Bank Recruitment and Training 

49. MTNL

50. PFRDA 

(With PTI Inputs)