India Post Payments Bank (IPPB) services
Q. Which of the following will be the services provided by the India Post Payments Bank (IPPB)?
1) Basic banking
2) Payments Services
3) Remittance Services- Published on 02 Jun 16a. 1, 2
b. 1, 3
c. 2, 3
d. All of the above
ANSWER: All of the above
- The proposal will further the cause of financial inclusion by providing basic banking, payments and remittance services and facilitate financial services like insurance, mutual funds, pensions and access to credit in tie-up with third party financial providers with special focus on rural areas and the unbanked and under-banked segments.
- It will generate new employment opportunities for skilled banking professionals and will generate opportunities for propagating financial literacy across the country.
- It will create the largest bank in the world in terms of accessibility and in time, will encourage the move towards a less cash economy.
- The India Post Payments Bank will leverage the Department’s network, reach, and resources to make simple, low-cost, quality financial services easily accessible to customers all over the country.
