Centre Allocates Rs. 500 Crore to India Post Payments Bank (Download PDF)

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Government allocated an amount of Rs. 500 crore to India Post Payments Bank for financial year 2017 - 18. It is to help in setting up several branches across country. Government is setting up 246 offices and 200 outlets for providing better access to communication and financial services.

India Post Payments bags Rs 500 crore funding

India Post Payments Bags Rs. 500 Crore Funding

India Post Payments bags Rs. 500 crore funding

Highlights

  • Government allocated amount of Rs. 500 croreto India Post Payments Bank.
  • Rs. 125 crore has been allocated as “capital infusion into corporate entity for India Post Payments Bank”.
  • Rs 375 crore as “grant in aid to India Post Payments Bank (IPPB) ”.
  • India Posts is second after Airtel to roll out payments bank.
  • Airtel has earmarked Rs. 3, 000 crore as initial investment for pan-India operations.
  • Government has allocated Rs 3.8 crore for setting up 246 offices and 200 outlets for providing better access to communication and financial services.

About Payments bank

  • Payments banks are a new model of banks conceptualized by Reserve Bank of India (RBI).
  • These banks can accept a restricted deposit which is currently limited to INR 1 lakh per customer.
  • These banks cannot issue loans and credit cards.
  • Both current account and savings accounts can be operated by such banks.
  • Payments banks can issue services like ATM cards, debit cards, online banking and mobile banking.
  • Airtel has launched India’s first live payments bank.
  • Paytm is second to be launched in country.
 About Payment bank

About Payment Bank

About Payment bank

- Published/Last Modified on: March 17, 2017

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