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All You need to know About India Post Payments Bank
September 20, 2018
- India Post Payments Bank (IPPB) is a payments bank that has 650 branches across the country.
- It is governed by RBI and 100% owned by the government.
- It will offer a number of financial services including savings and current accounts, bill payments, merchant payments, direct benefit transfers, money transfers, etc.
- The government aims to convert all the existing 1.55 lakh post offices across the country into IPPB access points that can offer all available services.
- It has joined hands with Bajaj Allianz and PNB Metlife to sell insurance products across all its branches.
- The cabinet has approved a funding of Rs. 1,435 crores to help IPPB give a strong competition to the rivals including Paytm Payments Bank and Airtel Payments Bank.
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