For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

India Post Payments Bank (IIPB): 5 Interesting Points To Know

|

The Union Cabinet on Wednesday 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 equity.

The setting-up of the IPPB to further financial inclusion was one of the budgetary announcements during 2015-16.

The Reserve Bank of India(RBI) has come-up with Payment Banks which will help to serve those with little or no banking access. Click to know the difference between Commercial bank and Payments bank.

India Post Payments Bank (IIPB): 5 Interesting Points To Know
 

Here are 5 interesting points to know about your India Post Payments Bank:

1. The India Post Payments Bank will obtain banking licence from RBI by March 2017 and by September 2017.

2. The services will be available across the country through 650 payments bank branches. It will be linked to other post offices and alternative channels such as mobiles, ATMs, PoS/ m-PoS devices etc and simple digital payments.

3. Moving further there will be financial inclusion by providing basic banking, payments and remittance services and facilitate financial services.

The services will include insurance, mutual funds, pensions and access to credit in tie-up with third party financial providers with special focus on rural areas and the unbanked and under-banked segments.

4. It will generate new employment opportunities for skilled banking professionals and will generate opportunities for propagating financial literacy across the country.

5. It will create the largest bank in the world in terms of accessibility and in time, will encourage the move towards a less cash economy.

Source: PIB

Read more about: payment banks rbi commercial bank
Story first published: Thursday, June 2, 2016, 9:59 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more