British lender Barclays has become the first bank to have a national tie-up with the India Post which runs over 1,55,000 post offices across the country.
Others like Deutsche Bank, Citi, HSBC, StanC and many other domestic banks are also waiting for such a tie-up with the postal department which recently secured a payments bank licence.
The tie-up with India Post allows Barclays to extend its services across the 1,55,000 post offices across the nook and cranny of the country.
"This tie-up seeks to deepen our relationship with India Post and significantly enhances our capability to service the needs of customers who require remote area cash management and related banking services," Pushkaraj Gumaste, managing director and head of client coverage, corporate and investment banking, at Barclays India told media.
He further said the tie-up allows the bank to access to parts of the country that its existing branch network doesn't cover.
Barclays has an already existing tie-up across Maharashtra, Kerala, Karnataka and Gujarat allowing access to 40,000 post offices in these states, the bank said in a statement today.
The India Post Payments Bank is set to launch soon and combined with the India Post network, offers a compelling proposition by way of an integrated branch network.
The tie-up gives Barclays access to a large network of collection points and strengthens its cash management proposition for customers who require remote area collection services in semi-urban and rural areas such as finance companies for EMI collections, premium collections for insurers and FMCG companies and consumer goods companies for dealer collections.