Here are 50 financial institutions that want to partner with India Post payments bank

India Post has plans to set up 650 branches of postal payments bank in one year.

The Government of India on Wednesday cleared a proposal to set up India Post payments bank with a corpus of Rs 800 crore which will make it the largest banking network in the world.

Around 50 national and international financial institutions are interested in partnering with India Post payments bank.

"The Cabinet has cleared the proposal of postal payments bank. We have 1.54 lakh post offices of which 1.39 lakh are rural post offices. 650 branches of postal payments bank will be established in the country which will be linked to rural post offices," Communication and Information Technology Minister Ravi Shankar Prasad said on Wednesday.

India Post has plans to set up 650 branches of postal payments bank in one year.

"Total architecture of postal payments bank is of Rs 800 crore which will have Rs 400 crore equity and Rs 400 crore grant. By September 2017, all 650 branches of postal payments bank will become operational. This we had planned for three years but now we will be doing it in a year," Prasad said.

The minister tweeted on Twitter saying India Post payments bank will set up 5,000 automated teller machines (ATMs) across the country and it will be the largest banking network in the world.

The country's public-owned postal organisation has the widest reach across India and financial institutions partnering up with it will boost their customer database.

Here is the list of 50 national and international financial institutions who are interested in partnering with India Post payments bank: