India Post Payments Bank (IPPB) with 100% Government of India (GOI) equity

Q.  India Posts Payments Bank will have how much Government equity?
- Published on 02 Jun 16

a. 51%
b. 75%
c. 100%
d. 49%

ANSWER: 100%
 
  • The Union Cabinet 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 (GOI) equity.
  • All citizens, especially 40% of the country's population that is outside the ambit of formal banking in the country will benefit from this project. The project will be rolled out in the entire country in a phased manner.
  • 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.
  • 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.

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