A P Singh appointed interim head of India Post Payments Bank
Posted on:31 Jan 2017 09:31:31
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31 January 2017 Current Affairs: AP Singh has been appointed as the interim Managing Director and CEO of India Post Payments Bank (IPPB) by the government.
Earlier, he worked as a Joint Secretary in the Department of Investment and Public Asset Management. He was one of the founding members of the Unique Identification Authority of India.
IPPB received the final license from RBI to start its operation as payment Bank. With this it has become the third entity after Bharti Airtel and digital payments firm Paytm to receive the approval from RBI and till now only Airtel has started operations.
IPPB has been incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity. Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account.
IPPB would deal with acceptance of demand deposits, remittance services and other specified services.
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