50 companies including World Bank, Deutsche Bank and Barclays keen on associating with postal bank initiative: Ravi Shankar Prasad

Around 50 companies including global banking institutions, like the World Bank, Deutsche Bank and Barclays, have expressed eagerness to be associated with the Centre's postal payments bank initiative, Union Minister Ravi Shankar Prasad said today 

"We will begin postal payments banking service from September 16, wherein 1.3 lakh postmen will be given hand-held devices, a moving ATM to provide banking services, insurance, money-order, as well as third-party service," Information Technology Minister said after inaugurating an incubation centre at the Software Technology Parks of India (STPI) here. 

"Some 50 companies, including World Bank, Deutsche Bank, Swiss Bank, Barclays, want to be associated with us," said the senior BJP leader. 

The Union Cabinet in June had cleared the proposal for postal payments banks with a corpus of Rs 800 crore. The proposal is to set up 650 branches of postal payments banks. 

Prasad said his ministry is taking up several initiatives to use IT and related services to improve the services, and asked IT experts to use government services through the STPI to innovate in this direction. 

"We will also begin virtual classroom facility so that we can use technology to offer better education through virtual classrooms. As a pilot project, 3,500 government schools will be given the facility, of which 770 schools are from Gujarat," Prasad added.