India Post Service Payments Depository Fiscal Establishment Launched

The India Post Payment Bank (IPPB), a basic fiscal services facility, was launched simultaneously inward Raipur and Ranchi as a airplane pilot over a video conference past times Union Finance Minister Arun Jaitely inward presence of Telecom Minister Manoj Sinha amongst plans to scale it upwards to 650 branches past times the halt of September. IPPB received a licence from the Reserve Bank of Republic of Republic of India (RBI) on twenty January. IPPB is the mo payments banking concern to get-go operations afterwards Airtel Payments Bank, which launched on 12 January.
Payments banks convey express deposits (upto ₹1 lakh per account) together with offering payment services but produce non offering loans, dissimilar commercial banks. The banking concern volition offering an involvement charge per unit of measurement of 4.5% on deposits upwards to ₹25,000; 5% on deposits of ₹25,000-50,000 together with 5.5% on ₹50,000-1,00,000. The paid upwards equity of the novel banking concern is ₹800 crore, of which the regime has already infused ₹275 crore. 1,000 ATMs of Republic of Republic of India Post volition hold upwards transferred to IPPB.
A 3rd entity, Paytm, has too been given a payments banking concern licence past times RBI, together with is expected to launch soon.
MD & CEO of IPPB : A. P. Singh
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