The Reserve Bank of India (RBI) has given its nod to the India Post Payments Bank (IPPB) to start operations.
The NDA Government has also appointed an interim CEO, who will help set up the entity.
IPPB is the third entity (got final licence from RBI on Friday January 20,2017 after Airtel and Paytm payment banks to get the central bank's approval
The NDA Government has appointed A P Singh as the interim managing director and CEO of IPPB. A 1986 batch Indian Postal Service officer, Singh was earlier joint secretary in the department of investment and public asset management (DIPAM). He has also served as the deputy director general in-charge of financial inclusion and payment systems in the founding team of UIDAI (Unique Identification Authority of India). The Aadhaar enabled payments system, e-kyc (electronic know your customer) and direct benefit transfers were piloted by him.
The India Post Payments Bank (IPPB) has been incorporated as a public limited company under the department of posts with 100% equity from the government.
It will offer demand deposits such as savings and current accounts up to Rs 1 lakh, digitally-enabled payments and remittance services of all kinds between entities and individuals and also provide access to third party financial services such as insurance, mutual funds, pension, credit products, forex, and more, in partnership with insurance companies, mutual fund houses, pension providers, banks, international money transfer organisations
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