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.
In the organized manufacturing and service sector, employment is expected to increase from the current 38 million to 46-48 million by 2022, a new study has found. All the new forms of employment are expected to add a further 20% - 25% to the workforce of the current deﬁned “or
A day before a Supreme Court bench takes up petitions opposing mandatory Aadhaar linkage with several government services, the government has withdrawn its December 31 deadline to link Aadhaar with bank ac
A wide swathe of economic activities was nationalised in India after independence, and especially during Indira Gandhi’s prime ministership, for predominantly political reasons. But state ownership was also justified as a way to correct market failures, increase investible surpluses, and pursue wider
Calling for improved communication in the field of science and technology, eminent scientist and chairman, National Innovation Foundation, Dr Raghunath Mashelkar has said that it is important to advance knowledge and people need to know how that knowledge is for their own good. “Public awaren
Did the Rajasthan health department do the right thing by sending data on Muslim staff to centre?
Three in four abortions in India are through drugs from chemists and informal vendors rather than from health facilities, said a report in The Lancet. An estimated 15.6 million abortions were performed in the country in 2015, reports The Lancet in its latest released paper on ‘Inciden