The Union Cabinet has approved the proposal to set up India Post payment bank as Public Limited Company under Department of Posts, with 100 percent government equity. The total architecture of postal payments bank is of rs. 800 crore which will have Rs. 400 crore equity and Rs. 400 crore grant. It will be run by Chief Executive Officer and has plans to have 650 branches operational by September, 2017.
The India Post payment bank will start 5,000 ATMs for the easy use of facilities. It will be a game changer, especially in the rural areas because of its presence. As at present, core banking network of post offices is more than that of State Bank of India. Currently, SBI has 1,666 core banking branches while 22,137 post offices now have core banking facility.
So let’s discuss some questions related to this post :
1. Name the entity which has got the approval from Union Cabinet to set up as payment bank ?
2. What is the total corpus of India Post payment bank ?
Courtesy : Hindu Business Line