On May 24, 2021, Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra and Mahindra Financial Ltd, and India Post Payments Bank(IPPB) entered into a partnership for a cash management solution.
Benefits under the collaboration:
i.Under the partnership, IPPB will be offering cash management and collection services to MRHFL through its access points and postal service providers.
ii.Using the cash management service, MRHFL customers could able to repay their monthly or quarterly loan instalments at over 1.36 lakh post offices.
iii.IPPB’s large national network has made the deployment of cash management solutions to meet the requirements of MRHFL.
About India Post Payments Bank(IPPB):
i.It was set up under the Department of Post, Ministry of Communication with 100% equity owned by the Government of India.
ii.IPPB was governed by Reserve Bank of India
iii.IPPB licensed under Section 22 of the Banking Regulation Act, 1949.
Recent Related News:
In exercise of the powers conferred under Section 3A of the Government Savings Promotion Act, 1873(5 of 1873) Finance Ministry has amended the Post Office Savings Account Scheme, 2019 & the Scheme was named as “Post Office Savings Account (Amendment) Scheme, 2021′′.
About Mahindra Rural Housing Finance Limited(MRHFL):
Establishment – 2007
Headquarters – Mumbai, Maharashtra
Managing Director – Anuj Mehra
About India Post Payments Bank(IPPB):
Establishment – 2018
Headquarters – New Delhi
Director and Chairman – Shri P. K. Bisoi
MD & CEO – J Venkatramu
Tagline– Aapka Bank, Aapke Dwaar
