List Of Companies Interested In Partnering With India Post Payments Bank

More than 2 dozen companies want collaboration with India Post Payments Bank-Manoj Sinha

Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. Replying to a question in the Rajya Sabha, the Minister of Communications Shri Manoj Sinha said that while the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.

Shri Sinha also said that the Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:

(i) Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.

(ii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.

(iii) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.
A list of companies interested in partnering with India Post Payments Bank is attached at Annexure A.

List companies keen to partner with India Post Payments Bank.
1	YES Bank
2	Union Bank
3	Punjab National Bank
4	IDBI Bank (Industrial Development Bank of India)
5	SBI (State Bank of India)
6	Axis
7	Bank of Baroda
8	IDFC Bank (Industrial development finance company)
9	Deutshe Bank
10	Barclays Bank
11	Citibank
12	NABARD (National Bank For Agriculture & Rural Development)
13	HSBC (Hongkong and Shanghai Banking Corporation)
14	MICRO SAVE
15	Allahabad Bank
16	Indian Overseas Bank
17	Dena Bank
18	FIA (Financial Inclusion)
19	Kotak Mahindra Bank
20	United Bank of India
21	HDFC Life (Housing Development Finance Corporation)
22	Royal Sundaram
23	PNB Metlife (Punjab National Bank)
24	ICICI Lombard ( Industrial Credit and Investment Corporation of India Bank)
25	ICICI Prudential ( Industrial Credit and Investment Corporation of India Bank)
26	Bajaj Allianz Life

Very Importanat Judgement on MACP – High Court of Chennai

Judgement on MACP – Central Administrative Tribunal, Madras Bench, Chennai

VERY IMPORTANT JUDGEMENT FROM HON’BLE HIGH COURT OF MADRAS

IMPLEMENTATION OF MACP RETROSPECTIVELY W.E.F. 01-09-2008 AND DENYING PROMOTIONAL HIERARCHY UNDER ACP FOR THOSE WHO HAVE COMPLETED REQUIRED SERVICE DURING THE PERIOD BETWEEN 01-09-2008 TO 19-05-2009 HELD NOT LEGAL

CLICK HERE TO DOWNLOAD THE JUDGMENT

Highlights of the Judgement

“The applicants having completed 24 years of service, between January and April 2009, they were hoping to be bestowed with the benefit of financial upgradation under the ACP Scheme, which was more advantageous to them, since the fixation is done in the next hierarchy of promotion and not in the next higher Grade Pay, as contemplated under the MACP scheme.”

“According to the applicants, on the day when they completed 24 years of service, MACP scheme was not introduced, and as the same was introduced only by Office Memorandum dated 19.05.2009, their claim would fall within the four corners of the benefits available under the erstwhile ACP scheme, and an accrued right which was otherwise available to the applicants under the erstwhile ACP scheme cannot be curtailed or altered or taken away by retrospective implementation of the MACP scheme, with effect from 01.09.2008.”

“it is ordered to grant the above benefits, the benefits of financial upgradation under MACP Scheme, if extended would have to be withdrawn.”