650 post office branches to run as banks by 2017
GN Bureau | June 2, 2016
From next year, you could avail services of a bank at your nearest post office as the Centre has given the nod for setting up the India Post Payments Bank (IPPB). The bank would run as a public limited company under the department of posts, with 100 percent government equity.
It would receive the license from the Reserve Bank of India by March 2017 and start its operations by September next year through 650 payments bank branches, linked post offices and alternative channels riding on technology including mobiles, ATMs, etc.
Communications and IT Minister Ravi Shankar Prasad called the payments bank of the postal department to be a game changer. He said that with 1.54 lakh post offices, India’s network would be the largest in the world.
The government would be spending Rs 800 crore on the project and aims to target 40 percent of the country’s population that is outside the ambit of formal banking. The project would be rolled out in a phased manner. Initially, 650 branches would be set up along with 5,000 ATMs across the country.
Some of the facilities to be provided by these banks include payments and remittance services, financial services like insurance, mutual funds, pensions and access to credit in tie-up with third party financial providers.
India Today conducted a cash-for-vote sting operation in the recent assembly polls which revealed how candidates were blatantly violating election commission (EC) guidelines by bribing voters. It also exposed large amounts of money being spent in campaigning as some leaders admitted to spending sev
India’s affinity for gold is a well-known fact, so is its dependence on gold imports to meet the domestic demand. More than 98 percent of the gold consumed in the country is met through import, while the rest is met through recycled domestic gold. In 2015-16, India imported 926 tonnes of gold
Do you think unique ID for cattle will help prevent their trafficking?
Do you think unique ID for cows will help prevent smuggling?
The functioning of a national commission, be it NHRC, NCSC or NCST, depends on its head. Being the chief information commissioner (CIC), what is your vision for CIC? And what has been your experience so far? The chief information commissioner and ten informa
With the help of Right to Information (RTI), the common man not only has the right to know, but also the right to question those in power. This is the foundation of democracy,” said prime minister Narendra Modi at the tenth anniversary celebrations of the Central Information Commission (CIC)