New Delhi sources stated that Prime Minister Narendra Modi launched the payments bank of Indian postal department that will take banking to doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and 'Grameen Dak Sewaks'. Accordingly Indian Post Payment Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk and moreover it will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Meanwhile the freshly minted payments bank will accept deposits of up to Rs. 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers. Moreover Communications Minister Manoj Sinha said IPPB will be available through 650 branches and 3,250 access points. He said “Deposits in any account that exceed Rs. 1 lakh will be automatically converted into post office savings account”.
government owns 100% in IPPB, which has been set up under the aegis of the
Department of Posts, and will offer products and services through multiple
channels such as counter services, micro ATMs, mobile banking app, messages and
interactive voice response.
Infosys founder supports Modi! With the 2019 general elections scheduled to be held in less than 6 months, Infosys cofounder Narayanamoorthy has said that Modi government has been fighting against corruption, and that giving Modi another chance will help the nation. During a media interaction, when he was asked regarding the ongoing tussle between govt and RBI, he said that such organizations should be strong enough to face tough situations.
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