Over 60 Financial Giants Line Up to Partner With India Post
Tuesday, April 5, 2016
The vast legacy network of India Post, once perceived to be unwanted baggage and a huge financial burden, is turning out to be its biggest strength. Top global financial firms Barclays, Citibank, Deutsche Bank, Western Union, Visa and domestic giants State Bank of India and Punjab National Bank are among over five dozen companies that have queued up to partner with the payments bank arm of the country’s postal department.
Even the International Finance Corporation, a member of the World Bank Group, has shown interest in picking up a stake in the business.
There are nearly 1.5 lakh post offices across the country, and 1.3 lakh in rural India.
A large-scale modernisation drive across these branches, including computerisation and the gradual rollout of core banking solutions and ATMs, has attracted big boys of the financial world who are looking at new opportunities in banking, mutual funds, insurance and money transfer.