| Title |
INDIA POST
PAYMENTS BANK (IPPB) |
|
Identity |
Bank promoted by Inida Post having Rs.6,00,000 crore
worth of deposits, second largest only after State Bank of
India. |
|
Description & Events |
- Aug 17, 2016: It was incorporated as a public sector
company under the Department of Posts with 100% GOI equity
and is governed by the Reserve Bank of India.
- Jan 30, 2017: It started operations on this
day, by opening two pilot branches, one at Raipur and the
other at Ranchi.
- Sep 01, 2018: It was inaugurated on this day by the
Prime Minister, Narendra Modi whereafter 650 branches of the
bank along with 3250 customer access points were made
operational across the country.
- The network presence was targetted to be extended to
1.55 lakhs by December 2018.
- Feb 2013: It was announced that India Post had hired
Ernst and Young to prepare a report on the proposed bank,
but in Oct 2013 the Govt of India rejected the proposal on
the grounds that India Post did not have sufficient
expertise in running a bank.
- In December 2013, India Post announced that it would
install ATMs in 1000 of its office across India in the first
half of 2014.
- Feb 27, 2014: India Post opened its first ATM in
Chennai.
- Dec 04, 2014: The task force appointed by the Govt of
India in Sep 2014 submitted its report recommending that
more services should be provided in the field of banking,
insurance and e-commerce.
- Feb 28, 2015: The Govt of India announced that India
Post will use its large network to run a payments bank.
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