India Post's payment bank gets RBI nod

The RBI has given its nod for India Post Payments Bank to start operations. The Centre has appointed 1986 batch Indian Postal Service officer A P Singh as its interim CEO.
Operations are expected to start before March 31 and will be rolled out in 650 districts using the network of 1.54 lakh post offices. IPPB is the third entity after Airtel and Paytm payment banks to get the RBI's approval.

The IPPB has been incorporated as a public limited company under the department of posts with 100% equity from the Centre. It will offer, among other services, demand deposits like savings and current accounts up to Rs.1 lakh, digitally-enabled payments and remittance services of all kinds.

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