The government expects to roll out all 650 branches of India Post Payments Bank (IPPB) by April 2018, Parliament was informed today.
In a written reply to Lok Sabha, Minister of State for Communication Manoj Sinha said IPPB has launched 2 pilot branches on January 30, 2017, at Raipur (Chhattisgarh) and Ranchi (Jharkhand) in 2016-17.
However, no branch was rolled out in the current financial year, Sinha said.
RBI granted a license to IPPB on January 20, 2017, to carry out payments bank activities.
The minister said IPPB aims to have a pan-India reach and subject to feasibility, all post offices (approximately 1.55 lakh) across the country will progressively become its access points to provide banking products and services as per RBI guidelines on payments bank.
In reply to a separate question on IPPB, Sinha said the payments bank proposes to tie up with banking and other financial institutions and expressions of interest for tie-ups have been received.
Also, preliminary discussions are on in this regard.
“IPPB has entered into a MoU with Punjab National Bank (PNB) and PNB MetLife India Insurance Company Ltd,” Sinha said.
IPPB was incorporated on August 17, 2016, under Companies Act, 2013 as a public limited company with 100 percent Government of India equity under Department of Posts, he said.
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