Pm Launches India's Largest Payments Banking Concern Amongst Shot At Congress: X Facts

Agustus 29, 2018   IPPB, Payments Bank   Comment  

India Post Payments Bank or IPPB volition leverage its vast network of post service offices across India

NEW DELHI:  Prime Minister Narendra Modi today launched the Republic of Republic of India Post Payments Bank or IPPB -- the largest payments banking concern inward the terra firma yesteryear network size. H5N1 payments banking concern operates on a small-scale scale; it carries out nearly banking operations but cannot give loans or number credit cards directly. The novel banking concern volition leverage the postal department's vast network across Republic of Republic of India in addition to aid people inward previously unbanked rural locations to piece of occupation banking services easily, the Prime Minister said. He too used the occasion to launch a scathing assault on the Congress, proverb it had fostered a "phone-a-loan" scam that resulted inward the Indian banking sector's huge bad loan problem.

Here's your 10-point cheat canvas to this large story:

1. "Just a few days later on our authorities came to power, nosotros realised that the Congress had left the nation's economic scheme on a landmine," PM Modi said at the launch lawsuit inward New Delhi. "Our authorities brought out the truthful pic of NPAs (Non-Performing Assests) in addition to the scam of the previous government," he added.
2. He too said that the IPPB's services volition endure made operational at 650 branches and more than 1.5 lakh post service offices which volition endure called "access points" yesteryear Dec 31. The motion is probable to convey banking services to India's hinterlands, the IPPB said.
3. The IPPB's launch got a shot inward the arm from the authorities inward the shape of lxxx per cent growth inward funding to R
   s.
    1,435 crore before this week, which volition aid the state-run entity compete amongst large somebody players similar Airtel Payments Bank in addition to Paytm Payments Bank.
4. The products that IPPB volition offer are: savings in addition to electrical flow accounts, coin transfer, require produce goodness transfers, neb in addition to utility payments, in addition to enterprise in addition to merchant payments, the novel payments banking concern said inward a statement.
5. People tin piece of occupation IPPB's products in addition to services via multiple channels such equally counter services, ATMs, mobile banking app, SMS in addition to IVR (interactive phonation response).
6. According to analysts, the Republic of Republic of India Post Payments Bank's strength is the fusion of its legacy workforce amongst modern technology. The department's iii lakh postmen in addition to other associates will reinforce digital services with physical delivery of services.
7. The IPPB started operations inward Jan final yr amongst ii experimental branches, i at Raipur inward Chhattisgarh in addition to the other at Ranchi inward Jharkhand.
8. Deposits upward to R
   s.
    1 lakh tin endure accepted yesteryear payments banks. Though they can't give loans, they may offering third-party products. IPPB volition piece of occupation equally an agent of Punjab National Bank.
9. Seventeen crore postal savings banking concern (PSB) accounts volition endure linked amongst Republic of Republic of India Post Payments Bank accounts, giving an border over somebody players who create got had to pass a lot to laid out customers.
10. "IPPB has been envisioned equally an accessible, affordable in addition to trusted banking concern for the mutual citizen, to aid chop-chop arrive at the fiscal inclusion objectives of the Union Government," the Prime Minister's Office tweeted this morning.