Current Affairs
Select Date

India Post Payments Bank Limited incorporated

The India Post Payments Bank Limited (IPPB) on 17 August 2016 was incorporated. In this regard, it has received the Certificate of Incorporation (CI) from the Registrar of Companies, Ministry of Corporate Affairs under the Companies Act, 2013.
•    With this incorporation, the bank has become the first Public Sector Undertaking (PSU) under the Department of Posts (DoP).
•    The incorporation also paves the way for the constitution of the Board of the India Post Payments Bank Limited.
•    It will allow all citizens of India, especially the 40 percent of the country's population that is outside the ambit of formal banking in the country will benefit from this project.
•    It will generate new employment opportunities for skilled banking professionals and will generate opportunities for propagating financial literacy across the country.
•    It will create the largest bank in the world in terms of accessibility and in time, will encourage the move towards a less cash economy.