Question

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.

• A. Rs.700 Crore
• B. Rs.800 Crore
• C. Rs.600 Crore
• D. Rs.500 Crore
• E. Rs.650 Crore

Answer 1

The correct option is B Rs.800 Crore

Union Government has decided to approve the proposal to set up the Indian Post Payments Bank with a capital of Rs. 800 Crore and to set up 650 branches by September 2017 as a Public Limited Company under the Department of Posts, with 100% Government of India (GOI) equity.

The main focus of the proposal is to increase financial inclusion in the country. The initial Setup of 22,137 Post Offices are linked with core banking facility. The bank will be operated by a board which has five independent directors.