Reserve Bank of India Current Affairs - 2020

India Post Payments Bank to start operations with 650 branches in August 2018

India Post Payments Bank (IPPB) is expected to go live with 650 branches in addition to 3,250 access points co-located at post offices in August, 2018 following final clearance from Reserve Bank of India (RBI) to start. RBI has given approval to IPPB after testing its entire system.

Key Facts

IPPB was incorporated on August 17, 2016 under Companies Act, 2013 as a public limited company with 100% Government of India equity under Department of Posts (Ministry of Communication & Technology). It was the third entity to receive payments bank permit after Airtel and Paytm.

Around 11,000 gramin dak sevaks (in rural area) and postmen (in urban area) will provide doorstep banking services. IPPB also has been given permission to link around 170 million postal savings bank (PSB) account with its account. It will also carry out RTGS, NEFT, IMPS transaction that will enable IPPB customers to transfer and receive money from any bank account.

Payments bank

Payments bank is new model of banking allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses to further enhance financial inclusion. It will be set up as differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, internet banking and other specified services but cannot undertake lending services. Payments bank can accept deposits maximum up to Rs 100,000 per account from individuals and small businesses. They can issue ATM/debit cards but not credit cards and can also issue other prepaid payment instruments. They also can distribute non-risk sharing simple financial products like mutual funds and insurance products.

RBI to issue new 100 rupee notes in lavender colour

Reserve Bank of India (RBI) will shortly issue new Rs. 100 denomination banknotes in lavender colour in Mahatma Gandhi (New) Series. This comes on back of new designs introduced for Rs 200, Rs 500 and Rs 10 notes, in the last couple of years. The old Rs 100 notes in the earlier series will also continue to be legal tender along with new notes.

Key Features of new Rs. 100 note

The front side of new Rs. 100 note depicts Mahatma Gandhi’s face and back side featuresmotif of “RANI KI VAV”, highlighting the country’s cultural heritage. Rani ki Vav, a UNESCO world heritage stepwel site in Patan, Gujarat built in memory the 11th century king Bhima.

The dimension of new note is 66 mm × 142 mm, which will be the same as the other new notes of Rs 200, Rs 500 and Rs 10 released earlier. Like every other currency note, it also has a portrait of Mahatma Gandhi at the centre. It has security thread with inscriptions, ‘भारत’ and RBI. If the note is tilted, the colour changes from green to blue.

Right side of Mahatma Gandhi portrait includes guarantee clause, Governor’s signature with promise clause and RBI emblem. Ashoka Pillar emblem is on right side of note. The top left side and bottom right side have number panel with numerals in ascending font.

Mahatma Gandhi portrait and electrotype (100) watermarks and it also has Swachh Bharat logo with slogan. It also has certain features incorporated for the visually impaired. These include intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised triangular identification mark with micro-text 100, four angular bleed lines on the right and left sides.