Friday, August 19, 2016

India Post Payments Bank set for 2017 start

India Post Payments Bank has received the certificate of incorporation from the Registrar of Companies, paving the way for the postal department’s bank to begin operations in 2017 as announced.

This will be the first public sector undertaking under the Department of Posts.

Hiring imminent

“With the incorporation, the Board of the India Post Payments Bank Limited is likely to be constituted soon. The incorporation of the IPPB Ltd is a significant step forward as this also paves the way for the bank to begin hiring of banking professionals to set up the bank and begin its operations in 2017,” according to an official statement.

The Department of Posts is expected to complete the roll out of its branches all over the country by September 2017. The government said this could be the fastest roll out for a bank anywhere in the world.

The Union Cabinet, chaired by Prime Minister Narendra Modi, had in January approved the proposal to set up IPPB with total project cost of Rs.800 crore.

The new bank is expected to commence operations by March 2017 and will set up 650 branches and 5000 ATMs across the country.

“Coupled with the physical presence across 1.55 lakh post offices and the reach of “The Dakiya,” the India Post Payments Bank aims to become a powerful and effective vehicle of real financial inclusion in the country,” the statement said.

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