Current Affairs: India Post payments bank (IPPB)
India Post Payments Bank - 650 Branches at all Major District Headquarters
- The India Post Payments Bank (IPPB) shall be set up with an investment of Rs 800 crore. The plan is to roll out 650 branches at all major district headquarters so that it may leverage the extensive outreach of the Department of Posts.
- The Cabinet on June 2, 2016 cleared the proposal to set up India Post Payments Bank (IPPB) with a corpus of Rs 800 crore and a plan for 650 branches operational by September 2017. It will be scaled up further to cover the entire country by the end of 2018-19.
- DoP (Department of Post) is gearing up to launch the payments bank with a workforce of 3.5 lakh. DoP at present manages around 1.55 lakh post offices, of which about 1.3 lakh are in rural areas.
- IPPB will offer digitally-enabled payments, banking and remittance services of all kinds among entities and individuals as also provide access to insurance, mutual funds, pension and credit products in partnership with third-party financial service providers and banks.