The India Post Payments Bank Limited (IPPBL) has received the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs under the Companies Act 2013.
IPPBL would be the first PSU under the Department of Posts (DoP). With the incorporation, the Board of the IPPBL is likely to be constituted soon.
- The incorporation of the IPPB Ltd paves the way for it to begin hiring of banking professionals to set up the bank and begin its operations in 2017.
- The DoP is expected to complete the roll out of its branches all over the country by September 2017. This could be the fastest roll out for a bank anywhere in the world.
About India Post Payments Bank (IPPB)
- The Union Government has given its approval for setting up IPPB as a Public Limited Company under the DoP with 100% Government of India (GOI) equity.
- The DoP had received the “in-principle approval” of the RBI in September 2015 to set up the IPPB. The project will be rolled out in a phased manner in the entire country.
- The IPPB will leverage DoP’s network, resources and reach to make low-cost, quality and simple financial services easily accessible to customers in the country.
Benefits of IPPB
- Further the cause of financial inclusion by providing basic banking, remittance services and payments services to customers.
- Facilitate spread of financial services like insurance, pensions, mutual funds to customers especially from rural areas and the unbanked and under-banked segments.
- Generate opportunities for propagating financial literacy across the country by using state of the art banking and payments technology.
- Generate new employment opportunities for skilled banking professionals.
- Encourage citizens to move towards a cashless economy by creating the largest bank network in the world in terms of accessibility.
For more details: Payment Banks