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India Post Payments Bank Gets RBI Approval

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India Post Payments Bank (IPPB) received the nod from the Reserve Bank of India (RBI) to start its operations. The government has also appointed an interim CEO, who will help set up the entity. AP Singh is the interim managing director and CEO of IPPB.

India Post Payment Bank has become the third entity to receive a final license from the Central Bank to start its payment bank operations, after Airtel and Paytm payment banks. India Post Payment Bank operations are expected to start before March 31. It will be gradually rolled out in 650 districts using the network of 1.54 lakh post offices. Indian Post Payment Bank; India's Most Accessible Banking Network

India Post Payments Bank Gets RBI Approval
 

Internet banking and mobile banking will be possible for IPPB. It can also issue ATM cards and debit cards. Payments banks, however, cannot issue credit cards, so IPPB will not be able to issue credit cards. IPPB will offer a savings account with up to INR 1,00,000 in the deposit. India Post Payments Bank (IIPB): 5 Interesting Points To Know

The interim MD and CEO A P Singh was an earlier joint secretary in the department of investment and public asset management (DIPAM). He has also worked with UIDAI (Unique Identification Authority of India). The Aadhaar enabled payments system, e-kyc (electronic know your customer) and direct benefit transfers were piloted by him.

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