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India Posts payments bank to be launched by March 2017: Prasad

Payments bank of Department of Posts is likely to become operational by March 2017, Communications and IT Minister Ravi Shankar Prasad said on Tuesday. "Very soon by March next year we are going to bring in payments bank of the Postal department. And how things are changing, we have just got in-principle approval and we are going to the Cabinet soon," Prasad said.

The minister added that 60 international consortiums are keen to partner India Post for third partner delivery for insurance and banking, among others. Speaking at the Digital India Summit organised by Times Network here, Prasad said India Post has the largest network of core banking solution branches in India.
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