Question: With what percent Government of India’s (GOI) equity recently the Union Cabinet has given its approval for setting up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department of Posts?
(a) 80%
(b) 75%
(c) 51%
(d) 100%
Ans: (d)
Related facts:
- On 1 June 2016 the Union Cabinet has given its approval for setting up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department of Posts, with 100% Government of India (GOI) equity.
- The total expenditure involved in this project is Rs 800 Crore.
- All citizens, especially 40% of the country’s population that is outside the ambit of formal banking in the country will benefit from this project.
- The project will be rolled out in the entire country in a phased manner.
- The IPPB will obtain banking licence from RBI by March 2017 .
- By September 2017, its services will be available across the country through 650 payments bank branches.
- These branches, linked post offices and alternative channels riding on modern technology including mobiles, ATMs, PoS/ m-PoS devices etc and simple digital payments.
- Setting-up of the IPPB to further financial inclusion was one of the budgetary announcements during 2015-16.
- The Department of Posts had obtained the “in-principle approval” of the RBI in September 2015 to set up the India Post Payments Bank.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=145892
http://ddinews.gov.in/Home%20-%20Headlines/Pages/IndiaPostpaymentbank.aspx
http://www.thehindu.com/business/Industry/india-posts-payments-bank-gets-cabinet-nod/article8678026.ece