FAQ on IPPB :
Concept of Payment Bank : A Payment Bank is a "differentiated Bank" set-up under the guidelines of Reserve Bank of India (RBI) to further financial inclusion for the undeserved population ................
Why is a Payments Bank required : A vast majority of the Rural population (approximately 61% as per RBI) is still not covered by formal Banking and are unbanked ............
Why DoP is setting-up a Payments Bank : DoP has been successfully running the Post Office Savings Bank for the Ministry of Finance. Setting up its indenpendently owned Bank is the next logical progression ............
When will the India Post Payments Bank start operations? : ................................ A pilot launch is planned in the last quarter of FY 2016-17
Can the savings accounts be shifted from POSB to IPPB ? :The POSB accounts are operated by the Department on behalf of the Ministry of Finance. ............
How will the customer choose between the savings account of POSB and IPPB ? : Given the difference in purpose of the two accounts, the POSB customers can be encouraged to open a IPPB account for managing their fund flow including bill payments, remittances to other family members, businesses etc. depending on their needs.................................
