India Post has gotten bank permit from the Reserve Bank of India to begin rollout of managing an account operations monetarily.  “India Post has received payments bank license. The service will be launched as per schedule,” a Department of Posts authority said. India Post Payments Bank is the third in the row to get banking permission after Bharti Airtel and Paytm. Installments banks can acknowledge stores up to Rs 1 lakh for each record from people and private companies.

The new model of saving money permits versatile firms, grocery store chains and others to take into account managing an account necessities of people and independent ventures. It will be set up as a separated bank and will restrict its exercises to acceptance of demand deposits, remittance services, internet banking. In 2015, RBI had allowed 'in-principle' endorsement to 11 substances, including Department of Posts, to set up installments banks and proposed to give such licenses 'on tap' premise in future. Be that as it may, Tech Mahindra , a consortium of Sun Pharmaceutical Industries Ltd promoter Dilip Shanghvi, IDFC Bank Ltd and Telenor Financial Services and Cholamandalam Investment and Finance Co. sponsored have dropped their arrangements for bank proposals.

Out of eight organizations in shred — Airtel has propelled its business operation crosswise over India with a venture of Rs 3,000 crore offering 7.25 interest percent on stores, free cash exchange from Airtel to Airtel numbers inside Airtel Bank, cash exchange to any ledger in the nation. Paytm, owned by Vijay Shekhar Sharma and upheld by Chinese internet business major Alibaba, arrangements to take off installments bank inside beginning speculation of about Rs 400 crore.
Others are — Aditya Birla Nuvo , Fino PayTech, National Securities Depository, Reliance Industries Ltd nd Vodafone m-pesa. AP Singh has been designated as break MD and CEO of the India Post Payment Bank. He was Joint Secretary in the Department of Disinvestment and one of the individuals from establishing group that propelled Aadhaar.