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Sunday, November 27, 2016

Certificate of incorporation to India Post Payments Bank - RS Q & A

GOVERNMENT OF INDIA

MINISTRY OF  COMMUNICATIONS

RAJYA SABHA

QUESTION NO  1191

ANSWERED ON  25.11.2016


Certificate of incorporation to India Post Payments Bank

1191
Shri T. Rathinavel

Will the Minister of COMMUNICATIONS be pleased to satate :-

(a) whether it is a fact that India Post Payments Bank has received the certificate of incorporation, paving the way for the postal department's bank to begin operations in 2017, as announced;

(b) whether it is also a fact that this will be the first Public Sector Undertaking under the Department of Posts; and

(c) whether it is also a fact that the Department is expected to roll out branches across the country by September, 2017, if so, the details thereof?


ANSWER




THE MINISTER OF STATE (IC) OF THE MINISTRY OF COMMUNICATIONS &
MINISTER OF STATE IN THE MINISTRY OF RAILWAYS
(SHRI MANOJ SINHA)


(a) Yes Sir, India Post Payments Bank has received the certificate of Incorporation.

(b) Yes Sir, it has been incorporated as a Public limited Company on 17/8/2016 with 100% GOI equity under the Department of Posts and has been registered by Registrar of Companies, Ministry of Corporate Affairs under the Companies Act 2013. It will be the first Public Sector Undertaking under the Department of Posts. 

(c) Yes Sir, the Cabinet has approved the proposal on 1st June, 2016 with the direction to complete the proposed roll out of all 650 branches and its linkage of the post offices by September 2017. Necessary steps for implementation of the project are being taken as per target set by the Cabinet.

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