Govt allocates capital to India Post Payments Bank

Govt allocates Rs500 crore to India Post Payments Bank

Question: The amount allocated by government to India Post Payments Bank for the financial year 2017-18 is-
(a) 400 Crore
(b) 500 Crore
(c) 600 Crore
(d) 800 Crore
Ans: (b)
Related facts:
• On 13 February 2017; government has allocated Rs500 crore to India Post Payments Bank for the financial year 2017-18 .
• The government has allocated Rs125 crore as “capital infusion into corporate entity for India Post Payments Bank” and Rs375 crore as “grant in aid to India Post Payments Bank (IPPB)”, as per Output-Outcome Framework for Schemes 2017-18 for the department of posts (DoP) .
• The IPPB will offer an interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000.
• The total paid up equity of the new bank IPPB is Rs 800 crore, of which the government has already infused Rs275 crore.
• Government plans to set up 650 branches across country by September 2017.
Reference:
https://www.indiapost.gov.in/Financial/Pages/Content/IPPB.aspx
http://www.thehindubusinessline.com/money-and-banking/500-cr-to-india-post-payments-bank/article9539731.ece
http://www.livemint.com/Industry/TNemWYXNZVrgUIcVdlRckO/Govt-allocates-Rs500-crore-to-India-Post-Payments-Bank.html