Which of the following statements about the India Post Payments Bank (...
- Indian Post Payments Bank has been incorporated as a Public Limited company under department of posts.
- It is governed by Reserve Bank of India and will be operational by April 2018 in all 650 districts. With its Headquarters in New Delhi.
- It started its operation by opening first two branches in Ranchi and Raipur.
So only statement 1 is correct.
- Indian Post Payment Bank payment bank which was launched on 12th January 2017, it is governed by Reserve Bank of India and will be operational by April 2018 in all 650 districts. With its Headquarters in New Delhi. IPPB is offering three types of accounts:
- Sugam (basic savings bank deposit account)
- Safal (regular account)
- Saral (basic savings bank deposit account - Small).
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Which of the following statements about the India Post Payments Bank (...
India Post Payments Bank (IPPB)
Incorporation and Operation:
- IPPB has been incorporated as a Public Limited Company.
- It started its operation by establishing two pilot branches at Hyderabad and Varanasi.
Correct Answer: Option A (1 only)
Explanation:
The given question is related to the India Post Payments Bank (IPPB). IPPB is a public sector company under the Department of Posts, Ministry of Communications. It was incorporated as a Public Limited Company on August 17, 2016, under the Companies Act, 2013. The main objective of IPPB is to provide banking services to the unbanked and underbanked population of the country.
IPPB started its operations on January 30, 2017, by establishing two pilot branches at Hyderabad and Varanasi. These pilot branches were set up to test the technology, processes, and customer service of IPPB. The official launch of IPPB was announced on September 1, 2018, by the Prime Minister of India, Narendra Modi.
Therefore, from the above explanation, it is clear that statement 1 is correct, and statement 2 is incorrect. Hence, the correct answer is option A (1 only).