Union Cabinet approved setting up of India Post Payments Bank which will help is furthering the cause of financial inclusion-Consider the following statements-1- India Post Payments Bank IPPB will be set up under the Department of Posts- with 51 - Government of India equity-2- Its services will be available across the country through payments bank branches and linked post offices also-Which of the above statements is-are correct-

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Interpreting Pictographs

Union Cabinet...

Question

Union Cabinet approved setting up of India Post Payments Bank which will help is furthering the cause of financial inclusion:
Consider the following statements:
Which of the above statement(s) is/are correct?

Only 1

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Only 2

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Both 1 and 2

No worries! We‘ve got your back. Try BYJU‘S free classes today!

None of the Above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Only 2
India Post Payments Bank (IPPB) will be set up as a Public Limited Company under the Department of Posts, with 100% Government of India (GOI) equity. Its services will be available across the country through 650 payments bank branches, linked post offices and alternative channels riding on modern technology including mobiles, ATMs, PoS/m-PoS devices etc and simple digital payments. 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.

Suggest Corrections

Similar questions

6. Consider the following statements,

1] Recently, India Post received payments bank licence from the Reserve Bank of India to start rollout of banking operations commercially under the permit.

2] India Post Payments Bank is the third entity to receive payments bank permit after BhartiAirtel and Paytm.

Which of the above statements is/are correct?

Q. Union Government has decided to approve the proposal to set up the Indian Post Payments Bank with a capital of ______ and to set up branches as a Public Limited Company.

Q. Who has been appointed as a new independent director by the Board of India Post Payment Banks (IPPB)?

Q. Assertion - To expand banking services, the Indian Postal Department has started a new bank, called the Postal Bank of India.

Reason - It is easy for Postal Bank of India because it will use the existing post office networks of the country to deliver various banking services.

Q. Consider the following statements about the Payment banks:Which of the above statement(s) is/are correct?

Only 3
Only 1 & 3
None of the Above
Only 1 & 2

Join BYJU'S Learning Program

Union Cabinet approved setting up of India Post Payments Bank which will help is furthering the cause of financial inclusion: Consider the following statements: Which of the above statement(s) is/are correct?

Union Cabinet approved setting up of India Post Payments Bank which will help is furthering the cause of financial inclusion:
Consider the following statements:
Which of the above statement(s) is/are correct?