Union Government headed by Prime Minister Narendra Modi has given its approval for setting up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department of Posts with 100% Government of India (GOI) equity share.
Total Expenditure incurred: Rs. 800 Crore
Beneficiaries: All Indian Citizens and 40% of the Country’s People in outside the country
Features of the Project:
- The Project will be implemented in the entire country in a phased manner
- Will get banking licence from RBI by March 2017 and by September 2017
- Services will be available across the country through 650 payments bank branches, linked post offices and modern technology including mobiles, ATMs, PoS/ m-PoS devices and simple digital payments.
Future Initiatives:
- Adding the cause of financial inclusion by providing basic banking, payments and remittance Services
- Facilitate financial services like insurance, mutual funds and pension
- Tie up with third party financial providers to give access to credit with focus on rural areas and unbanked & under banked segments
- Generate opportunities for injecting financial literacy across the country
- Promote the largest bank in the world in terms of accessibility and in time
- Encourage the move towards a less cash economy
Background:
- The Project was announced during Budget 2015-16
- The Department of Posts had got the “in principle approval” of the Reserve Bank of Indian in September 2015 to set up the Indian Post Payments Bank
India Post Payments Bank will leverage the Department’s network, reach and resources to make simple, low-cost, quality financial services easily accessible to customers all over the country
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