India's Department of Posts, or India Post, obtained a license from the Reserve Bank of India to commence operations of its payments bank, the Press Trust of India reported Jan. 28, citing an official.
India Post Payments Bank Ltd. became the third entity to receive a license from the central bank after Airtel Payments Bank Ltd., which has already started operations, and Paytm Payments Bank Ltd.
In addition, A.P. Singh was appointed as interim managing director and CEO of India Post Payments Bank. Singh is a former joint secretary of India's Department of Disinvestment.
India Post was one of the 11 entities that received in-principle approval from the country's central bank in August 2015 to set up a payments bank.