India post payments bank

The much-delayed launch of the India Post Payments Bank on Saturday has put the spotlight back on payments banks (PBs), the new bank model visualised by the Reserve Bank of India back in 2013-14. India Post Payments Bank is the sixth payments bank to commence operations in the country. The others in the space are two-year-old Airtel Payments Bank, Paytm Payments Bank and Fino Payments Bank - both launched last summer - and  recent-entrants Aditya Birla Idea Payments Bank and Jio Payments Bank. Here are some frequently asked questions about payments banks and a look at how they stack up against each other. What are payments banks? They are banks offering most regular banking facilities such as remittance services, cash withdrawal/deposit, net banking, third-party fund transfers and mobile payments/transfers/purchases. However, they operate on a smaller scale compared to the normal banks and don't involve any credit risk. Their raison d'etre is financial inclusion; reaching out to the unbanked masses, which according to a recent Assocham-EY report is over 19% of our population. How are they different from traditional banks? The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. They have to tie-up with other financial services providers to offer third-party products like loans and insurance to their customers. For insta...

Indian Post Payments Bank: Building an inclusive world MSC provides strategic support to IPPB to bridge India’s digital financial inclusion gap through increased access, usage, and diversified product portfolio to LMI customers. This strategic support includes helping IPPB address persistent challenges in its business operations and evolving a strategy to reach out to society’s underserved segments. The support is divided into four workstreams: (i) an active, efficient, and capable CICO network; (ii) a suitable product for underserved segments; (iii) streamlined G2P and bulk payment processes; and (iv) a comprehensive ecosystem of merchants to drive digital transactions. MSC’s support has helped IPPB grow and increase its revenue by 140% in the past three years, from FY 2020 to FY 2023. Such impressive growth and significant contribution to financial inclusion (47% of all accounts are women’s accounts) have attracted attention from across the globe. The IPPB model offers many lessons postal banks can replicate in other developing countries. Delegates, including the Bill & Melinda Gates Foundation Co Chairs and visitors from 25 countries, such as Africa and South Asia, have recently visited IPPB financial camps. They showed a keen interest in IPPB’s low-cost distribution strategy supported by robust technological solutions. IPPB was launched in 2018 to provide accessible and affordable banking services to every household in the country. Since then, IPPB has used India Post’...

Payment banks are special types of banks created by the Reserve Bank of India. Payment Banks in India are not authorized to issue credit or loans to any of their customers. Payment banks, however, are allowed to accept the restricted deposit of up to 2 lakh per customer. Some common payment banks are India Post Payments Bank, Fino Payments Bank, etc. Payment Bank is an important topic in the economy section, which comes under General Studies 3 of UPSC CSE Exam, which is equally important to both Prelims and Mains Exam points of view. Here we provide comprehensive notes on Payment Banks and their related topics such as their history, features, objectives, comparison between Payment Banks and Commercial Banks, etc. Table of content • 1. What are Payment Banks? • 2. List of Payment Banks in India • 3. History of Payment Banks • 4. Features of Payment Banks • 5. Objectives of Payment Banks • 6. Scope of Activities in Payment Banks • 7. Regulations under Payment Banks • 8. Significance of Payment Banks • 9. Limitations of Payment Banks • 10. Payment Banks vs Commercial Banks • 11. Payment Banks- Important Points for UPSC Prelims • 12. Payment Banks UPSC • 13. Payment Banks UPSC Prelims Question 2016 • 14. Payment Banks UPSC Question What are Payment Banks? A payment bank is a new form of bank constituted by the Reserve Bank of India on the recommendation of Dr. Nachiket Mor committee to widen the spread of payment and provide financial services to low-income households, small b...

Payment banks are special types of banks created by the Reserve Bank of India. Payment Banks in India are not authorized to issue credit or loans to any of their customers. Payment banks, however, are allowed to accept the restricted deposit of up to 2 lakh per customer. Some common payment banks are India Post Payments Bank, Fino Payments Bank, etc. Payment Bank is an important topic in the economy section, which comes under General Studies 3 of UPSC CSE Exam, which is equally important to both Prelims and Mains Exam points of view. Here we provide comprehensive notes on Payment Banks and their related topics such as their history, features, objectives, comparison between Payment Banks and Commercial Banks, etc. Table of content • 1. What are Payment Banks? • 2. List of Payment Banks in India • 3. History of Payment Banks • 4. Features of Payment Banks • 5. Objectives of Payment Banks • 6. Scope of Activities in Payment Banks • 7. Regulations under Payment Banks • 8. Significance of Payment Banks • 9. Limitations of Payment Banks • 10. Payment Banks vs Commercial Banks • 11. Payment Banks- Important Points for UPSC Prelims • 12. Payment Banks UPSC • 13. Payment Banks UPSC Prelims Question 2016 • 14. Payment Banks UPSC Question What are Payment Banks? A payment bank is a new form of bank constituted by the Reserve Bank of India on the recommendation of Dr. Nachiket Mor committee to widen the spread of payment and provide financial services to low-income households, small b...

The much-delayed launch of the India Post Payments Bank on Saturday has put the spotlight back on payments banks (PBs), the new bank model visualised by the Reserve Bank of India back in 2013-14. India Post Payments Bank is the sixth payments bank to commence operations in the country. The others in the space are two-year-old Airtel Payments Bank, Paytm Payments Bank and Fino Payments Bank - both launched last summer - and  recent-entrants Aditya Birla Idea Payments Bank and Jio Payments Bank. Here are some frequently asked questions about payments banks and a look at how they stack up against each other. What are payments banks? They are banks offering most regular banking facilities such as remittance services, cash withdrawal/deposit, net banking, third-party fund transfers and mobile payments/transfers/purchases. However, they operate on a smaller scale compared to the normal banks and don't involve any credit risk. Their raison d'etre is financial inclusion; reaching out to the unbanked masses, which according to a recent Assocham-EY report is over 19% of our population. How are they different from traditional banks? The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. They have to tie-up with other financial services providers to offer third-party products like loans and insurance to their customers. For insta...

Indian Post Payments Bank: Building an inclusive world MSC provides strategic support to IPPB to bridge India’s digital financial inclusion gap through increased access, usage, and diversified product portfolio to LMI customers. This strategic support includes helping IPPB address persistent challenges in its business operations and evolving a strategy to reach out to society’s underserved segments. The support is divided into four workstreams: (i) an active, efficient, and capable CICO network; (ii) a suitable product for underserved segments; (iii) streamlined G2P and bulk payment processes; and (iv) a comprehensive ecosystem of merchants to drive digital transactions. MSC’s support has helped IPPB grow and increase its revenue by 140% in the past three years, from FY 2020 to FY 2023. Such impressive growth and significant contribution to financial inclusion (47% of all accounts are women’s accounts) have attracted attention from across the globe. The IPPB model offers many lessons postal banks can replicate in other developing countries. Delegates, including the Bill & Melinda Gates Foundation Co Chairs and visitors from 25 countries, such as Africa and South Asia, have recently visited IPPB financial camps. They showed a keen interest in IPPB’s low-cost distribution strategy supported by robust technological solutions. IPPB was launched in 2018 to provide accessible and affordable banking services to every household in the country. Since then, IPPB has used India Post’...

LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. Learn more in our Select Accept to consent or Reject to decline non-essential cookies for this use. You can update your choices at any time in your India Post Payments Bank (IPPB) has been setup under the Department of Post, Ministry of Communication with 100% equity owned by Government of India. The fundamental mandate of IPPB is to become the most accessible, affordable and trusted bank for the common man in India, removing barriers for the unbanked and reducing opportunity cost to the underbanked, and in doing so, promote the adoption of cashless transactions in a predominantly cash economy. IPPB will create a platform which will bridge a critical gap in access to formal financial services in every part of our country, by leveraging the Department of Posts’ (DoP’s) unparalleled reach and visibility across India, through its 155,000 post offices and the trust that it enjoys among the common man. Ultimately, IPPB’s vision is to be the most accessible, affordable, and trusted bank for the common man. • العربية (Arabic) • Čeština (Czech) • Dansk (Danish) • Deutsch (German) • English (English) • Español (Spanish) • Français (French) • हिंदी (Hindi) • Bahasa Indonesia (Indonesian) • Italiano (Italian) • 日本語 (Japanese) • 한국어 (Korean) • Bahasa Malaysia (Malay) • Nederlands (D...

The much-delayed launch of the India Post Payments Bank on Saturday has put the spotlight back on payments banks (PBs), the new bank model visualised by the Reserve Bank of India back in 2013-14. India Post Payments Bank is the sixth payments bank to commence operations in the country. The others in the space are two-year-old Airtel Payments Bank, Paytm Payments Bank and Fino Payments Bank - both launched last summer - and  recent-entrants Aditya Birla Idea Payments Bank and Jio Payments Bank. Here are some frequently asked questions about payments banks and a look at how they stack up against each other. What are payments banks? They are banks offering most regular banking facilities such as remittance services, cash withdrawal/deposit, net banking, third-party fund transfers and mobile payments/transfers/purchases. However, they operate on a smaller scale compared to the normal banks and don't involve any credit risk. Their raison d'etre is financial inclusion; reaching out to the unbanked masses, which according to a recent Assocham-EY report is over 19% of our population. How are they different from traditional banks? The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. They have to tie-up with other financial services providers to offer third-party products like loans and insurance to their customers. For insta...

Payment banks are special types of banks created by the Reserve Bank of India. Payment Banks in India are not authorized to issue credit or loans to any of their customers. Payment banks, however, are allowed to accept the restricted deposit of up to 2 lakh per customer. Some common payment banks are India Post Payments Bank, Fino Payments Bank, etc. Payment Bank is an important topic in the economy section, which comes under General Studies 3 of UPSC CSE Exam, which is equally important to both Prelims and Mains Exam points of view. Here we provide comprehensive notes on Payment Banks and their related topics such as their history, features, objectives, comparison between Payment Banks and Commercial Banks, etc. Table of content • 1. What are Payment Banks? • 2. List of Payment Banks in India • 3. History of Payment Banks • 4. Features of Payment Banks • 5. Objectives of Payment Banks • 6. Scope of Activities in Payment Banks • 7. Regulations under Payment Banks • 8. Significance of Payment Banks • 9. Limitations of Payment Banks • 10. Payment Banks vs Commercial Banks • 11. Payment Banks- Important Points for UPSC Prelims • 12. Payment Banks UPSC • 13. Payment Banks UPSC Prelims Question 2016 • 14. Payment Banks UPSC Question What are Payment Banks? A payment bank is a new form of bank constituted by the Reserve Bank of India on the recommendation of Dr. Nachiket Mor committee to widen the spread of payment and provide financial services to low-income households, small b...

Indian Post Payments Bank: Building an inclusive world MSC provides strategic support to IPPB to bridge India’s digital financial inclusion gap through increased access, usage, and diversified product portfolio to LMI customers. This strategic support includes helping IPPB address persistent challenges in its business operations and evolving a strategy to reach out to society’s underserved segments. The support is divided into four workstreams: (i) an active, efficient, and capable CICO network; (ii) a suitable product for underserved segments; (iii) streamlined G2P and bulk payment processes; and (iv) a comprehensive ecosystem of merchants to drive digital transactions. MSC’s support has helped IPPB grow and increase its revenue by 140% in the past three years, from FY 2020 to FY 2023. Such impressive growth and significant contribution to financial inclusion (47% of all accounts are women’s accounts) have attracted attention from across the globe. The IPPB model offers many lessons postal banks can replicate in other developing countries. Delegates, including the Bill & Melinda Gates Foundation Co Chairs and visitors from 25 countries, such as Africa and South Asia, have recently visited IPPB financial camps. They showed a keen interest in IPPB’s low-cost distribution strategy supported by robust technological solutions. IPPB was launched in 2018 to provide accessible and affordable banking services to every household in the country. Since then, IPPB has used India Post’...