Dept of Post to Launch Payments Bank by January

The Department of Post will launch its payments bank by Ja nuary next year and top manage ment of the new-age venture would be in-place by July, a senior official said on Wednesday. The Department of Post along with 10 other entities, received in-principle approval from the Reserve Bank to launch payments banks in August last year. The 'in-principle' approval is valid for a period of 18 months. “We (India Post Payments Bank) hope to hit streets by year-end or January because time for us is also very tight. Out of 18 months, we have have lost six months,“ India Post Member for Banking and HRD, MS Ramanujan said.

The Economic Times New Delhi,14th April 2016

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RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

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