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.

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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)