Union Cabinet approves setting up of India Post Payments Bank
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Posted on:02 Jun 2016 14:16:00
02 June 2016 Current Affairs: The Union Cabinet has approved setting up of the India Post Payments Bank (IPPB) as a Public Limited Company under the Department of Posts, with 100% Government of India (GOI) equity on 1 June 2016 .
These banks will be established at an expense of 800 crore rupees and rolled out in the entire country in a phased manner.
The IPPB will obtain banking licence from RBI by March 2017 and by September 2017.
India Post Payments Bank (IPPB) : It will allow all citizens of India, especially the 40% of the country's population that is outside the ambit of formal banking in the country will benefit from this project. Its services will be available across the country through 650 payments bank branches, linked post offices and alternative channels riding on modern technology including mobiles, ATMs, PoS/m-PoS devices etc and simple digital payments. It will help is furthering the cause of financial inclusionIt will generate new employment opportunities for skilled banking professionals and will generate opportunities for propagating financial literacy across the country. 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.
Setting-up of the IPPB to further financial inclusion was one of the budgetary announcements during 2015-16. The Department of Posts had obtained the "in-principle approval" of the RBI in September 2015 to set up the India Post Payments Bank.
The 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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