India Post Payments Bank starts pilot services

Posted on:31 Jan 2017 18:12:06
India Post Payments Bank starts pilot services
31 January 2017 Current Affairs: India Post Payments Bank (IPPB) kicked off its operations by rolling out pilot services in Raipur and Ranchi.

The bank will offer an interest rate of 4.5% on deposits up to ₹25,000; 5% on deposits of ₹25,000-50,000 and 5.5% on ₹50,000-1,00,000.The paid up equity of the new bank is ₹800 crore, of which the government has already infused ₹275 crore.

The idea is to have a branch in every district and make 3 lakh postmen come alive in payment bank function.Also 1,000 ATMs of India Post will be transferred to IPPB.

Telecom Minister Manoj Sinha stated that IPPB plans to have 650 branches across the country by September 2017.

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