Pm Launches India's Largest Payments Banking Concern Amongst Shot At Congress: Ten Facts

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Jumat, 09 Juli 2010

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India Post Payments Bank or IPPB volition leverage its vast network of ship offices across India

NEW DELHI:  Prime Minister Narendra Modi today launched the Bharat Post Payments Bank or IPPB -- the largest payments banking concern inwards the province past times network size. H5N1 payments banking concern operates on a pocket-sized scale; it carries out virtually banking operations but cannot give loans or number credit cards directly. The novel banking concern volition leverage the postal department's vast network across Bharat together with aid people inwards previously unbanked rural locations to role banking services easily, the Prime Minister said. He besides used the occasion to launch a scathing gear upwards on on the Congress, proverb it had fostered a "phone-a-loan" scam that resulted inwards the Indian banking sector's huge bad loan problem.

Here's your 10-point cheat canvas to this large story:

1. "Just a few days later our authorities came to power, nosotros realised that the Congress had left the nation's economic scheme on a landmine," PM Modi said at the launch lawsuit inwards New Delhi. "Our authorities brought out the truthful motion painting of NPAs (Non-Performing Assests) together with the scam of the previous government," he added.
2. He besides said that the IPPB's services volition live on made operational at 650 branches and more than 1.5 lakh ship offices which volition live on called "access points" past times Dec 31. The motion is probable to convey banking services to India's hinterlands, the IPPB said.
3. The IPPB's launch got a shot inwards the arm from the authorities inwards the cast of lxxx per cent growth inwards funding to Rs. 1,435 crore before this week, which volition aid the state-run entity compete amongst large someone players similar Airtel Payments Bank together with Paytm Payments Bank.
4. The products that IPPB volition offer are: savings together with electrical flow accounts, coin transfer, guide create goodness transfers, pecker together with utility payments, together with enterprise together with merchant payments, the novel payments banking concern said inwards a statement.
5. People tin ship away role IPPB's products together with services via multiple channels such equally counter services, ATMs, mobile banking app, SMS together with IVR (interactive vocalization response).
6. According to analysts, the Bharat Post Payments Bank's strength is the fusion of its legacy workforce amongst modern technology. The department's 3 lakh postmen together with other associates will reinforce digital services with physical delivery of services.
7. The IPPB started operations inwards Jan terminal twelvemonth amongst 2 experimental branches, i at Raipur inwards Chhattisgarh together with the other at Ranchi inwards Jharkhand.
8. Deposits upwards to Rs.  1 lakh tin ship away live on accepted past times payments banks. Though they can't give loans, they may offering third-party products. IPPB volition function equally an agent of Punjab National Bank.
9. Seventeen crore postal savings banking concern (PSB) accounts volition live on linked amongst Bharat Post Payments Bank accounts, giving an border over someone players who cause got had to pass a lot to start out customers.
10. "IPPB has been envisioned equally an accessible, affordable together with trusted banking concern for the mutual citizen, to aid chop-chop arrive at the fiscal inclusion objectives of the Union Government," the Prime Minister's Office tweeted this morning.

Tag : Inauguration, IPPB