Focus: GS III- Indian Economy
Why in News?
MD and CEO of India Post Payments Bank (IPPB) recently said that IPPB wants to convert itself to a universal bank.
About India Post Payments Bank (IPPB)
- The India Post Payments Bank is a public sector payments bank from India operated by the India Post.
- The India Post Payment Bank (IPPB) was setup under the Department of Post, Ministry of Communication with 100% equity Owned by Government of India.
- The India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk.
- It will carry out most banking operations like accepting deposits but won’t advance loans or issue credit cards.
- Motto: “Every customer is important, every transaction is significant and every deposit is valuable”.
- Vision: “Building the most accessible, affordable and trusted bank for the common man”.
- Mission: “Spearheading financial inclusion by removing barriers and reducing costs for accessing banking services”.
- The IPPB has been integrated with Post Office Savings Bank (POSB).
- The IPPB is the sixth Payments bank, which has become operational after Aditya Birla, Airtel, Fino, Jio and Paytm Payments Banks.
- The freshly-minted payments bank will accept deposits of up to Rs. 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
- The Payments bank are licensed under Section 23 of the Banking Regulation Act 1949, and registered as public limited company under the Companies Act, 2013.