India Posts' payments bank set to launch

The first India Post payments bank at Ranchi general post office will be inaugurated by Union finance minister Arun Jaitley via video conferencing this evening.

India Post is the first government-held entity to be issued a licence to run a payments bank by the Reserve Bank of India. Payment banks is a new concept introduced and promoted by the RBI, where licensed banks can accept deposits of up to Rs.1 lakh per account holder.

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