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India Post attracts major players for payments bank partnership

More than 60 companies, including Citigroup Inc., WesternUnion Co. and Visa Inc.,are vying to collaborate with India's Department of Posts once it its payments bank , The Economic Times of India reported April 4.

India Post received a payments bank license from the ReserveBank of India in 2015 and it is expected to leverage its wide network of post officesto reach customers. The group is also in the process of modernizing its network,an effort that is attracting major global and local players.

Among those interestedto collaborate with the group in its banking plans are State Bank of India, PunjabNational Bank, Bank ofBaroda, Union Bank ofIndia and IDBI Bank Ltd.Barclays Plc, and are among the globalbanks vying for a possible collaboration.

Meanwhile, HDFCStandard Life Insurance Co. Ltd., ICICI Lombard General Insurance Co. Ltd., ,Bajaj Allianz, Kotak Life Insurance, RoyalSundaram General Insurance Co. Ltd. and PNB MetLife India Insurance Co. Ltd. are looking to collaboratewith India Post for its insurance business.

Citigroup has its CitibankNA unit in India, while Bajaj Allianz has Bajaj Allianz Life Insurance Co. Ltd. and