India Post Payments Bank Set Up Soon [ Current Affairs ]
The India Post Payments Bank (IPPB) has got approval to set up as a Public Limited Company under the Department of Posts by the Union Cabinet with 100 % Government of India (GOI) equity.
- It will be established with total expenditure of 800 Crore rupees. And by March - September 2017 the IPPB will get banking license from RBI.
- From March 2017 IPPB will start its operations in about 50 districts and it will cover the whole country up to the end of FY 2018 - 19.
- It will also generate around 3, 500 skilled banking professionals’ employment opportunities for 650 branches and 5, 000 ATMs across the country.
- Through 650 payments bank branches, IPPB will provide its services across the country.
- Its services will be connected to post offices and alternative channels equestrian on modern technology counting ATMs, mobiles, simple digital payments and PoS/m-PoS devices etc.
- It will also create occasions for propagating financial literacy crossways the country and help expanding the cause of financial inclusion.
- The Part time Non-Executive Chairman of the Bank will be the Secretary and Department of Posts.
- The India Post Payments Ban will be advantage for all citizens, particularly the 40 % of the country’s population that is outside of the range of formal banking in the country.
- It will regulate the Department of Post’s network, resources and reach, to make simple, low-cost, worth financial services easily accessible to customers all over the country.
- During 2015 - 16 announcement of IPPB is financial addition was one of the budgetary.
- The Department of Posts with other 10 entities had expected in-principle agreement of the RBI to set up Payments Bank in September 2015.
- Functions of Payments Bank:
- Published on: June 3, 2016