Focus: GS III- Indian Economy
Why in News?
India Post Payments Bank conducts India’s First Floating Financial Literacy Camp
About India’s First Floating Financial Literacy Camp:
- India Post Payments Bank (IPPB), stablished under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India, conducted India’s First Floating Financial Literacy Camp with an initiative called ‘Niveshak Didi’ to promote Financial Literacy ‘By the women, for the women’, in Srinagar, J&K
- As part of launch of ‘Niveshak Didi’ initiative, IPPB conducted India’s First Floating Financial Literacy Camp by a newly appointed ‘Niveshak Didi’.
- The Floating Financial Literacy Camp was conducted among the local residents around the world-famous Dal Lake of Srinagar, J&K.
- Since Shikara is part & parcel of their life, the gathering did take place on multiple Shikaras and the ‘Niveshak Didi’ held the Financial Literacy session in local Kashmiri language from Shikara itself, thus the whole session was conducted in the waters of Dal Lake.
- The session covered topics ranging from banking and financial products, importance of joining the mainstream financial services offered by regulated entities & protection against various types of risks involved with investments and measures of fraud prevention.
- India Post Payments Bank looks forward to continue such efforts to deliver its mandate of enhancing financial empowerment to the last mile.
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.
