PM launches India Post Payments Bank

PM launches India Post Payments Bank

Question- on September 1, 2018 PM Narendra Modi launched the India Post Payments Bank (IPPB), which of the following products will be offered by the IPPB.
(i) Savings and current accounts
(ii) Money transfer & direct benefit transfers
(iii) Bill and utility payments
(iv) Enterprise and merchant payments
Choose correct option from the above given options –
(a) A and B
(b) A, B and D
(c) Only A and C
(d) All of the above
Answer. (d)
Related Facts:

  • On September 1st, 2018, Prime Minister, Shri Narendra Modi, launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi.
  • IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Union Government.
  • IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.
  • The payments bank, where the Indian government holds 100 per cent equity, will leverage the vast network of the Department of Posts (DoP) that has more than three lakh postman.
  • The IPPB will leverage tech platforms. It will use Aadhaar to open accounts, while a QR cards and biometric devices will drive authentication, transaction and payments.
  • IPPB will have 650 Branches and 3250 Access Points spread across the country. All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31, 2018.

Other Benefits of IPPB

  • These are zero-balance accounts there are no minimum balance rules.
  • The payment bank will accept deposits of up to Rs 1 lakh. Deposit in any account that exceeds Rs 1 lakh would be automatically converted into post office saving account.
  • All IPPB accounts attract an interest rate of 4% per annum. Calculated on your daily closing balance, the interest rate is paid quarterly.
  • Doorstep banking from India Post Payments Bank (IPPB) comes at a cost of Rs 25 for cash transactions and Rs 15 for digital transactions. You have to use your QR card (the one in the photo) for doorstep banking.

References-
http://pib.nic.in/newsite/PrintRelease.aspx?relid=183218
http://pib.nic.in/newsite/PrintRelease.aspx?relid=183133
http://pib.nic.in/newsite/PrintRelease.aspx?relid=183183
https://www.thehindu.com/news/national/prime-minister-modi-launches-india-post-payments-bank/article24842033.ece