Context:
Recently the India Post Payments Bank celebrated its 7th Foundation Day.
India Post Payments Bank (IPPB):
- A public sector payments bank with 100% equity owned by Government of India.
- Established – September 2018
- Nodal Ministry – Department of Posts, Ministry of Communications
- Objective – To provide every household in India with access to efficient banking services, ensuring financial security and empowerment.
Services Provided through IPPB:
- Deposits, including Savings and Current Account
- Money Transfer
- Direct Benefits Transfers – Covers schemes like MGNREGA, Scholarships, Social welfare benefits and other Government subsidies
- Third Party Products including Loans, Insurance, Digital life certificates, Investments and Post Office Savings schemes
- Bill & Utility Payments – Includes Mobile and DTH recharge, Electricity, water & gas bills, Donations & insurance premiums
- Enterprise and Merchant Payments – Covers Postal products, Digital Payment of e-commerce delivery (CoD) and Small merchants/Kirana stores/unorganized retail, Offline payments and Cash Management Services
- Aadhaar Services –
- Aadhaar enrolment for children up to 5 years old
- Mobile number update through Child Enrolment Lite Client (CELC) service
- Aadhaar-enabled payment systems
- Door Step Banking – Paperless, cashless, and present-less banking facilities at the doorstep, even in remote areas
- Postmen and Gramin Dak Sevaks functioning as mobile banks
- Initiatives & Significance –
- “Aapka Bank, Aapke Dwar” (Your Bank at Your Doorstep) – Promotes doorstep banking.
- Fincluvation – An initiative to invite Fintech Start-up community to co-create solutions for financial inclusion.
Source: PIB
Previous Year Question
Which one of the following activities of the Reserve Bank of India is considered to be part of ‘sterilization’?
[UPSC Civil Service Exam – 2023 Prelims]
(a) Conducting “Open Market Operations’
(b) Oversight of settlement and payment systems
(c) Debt and cash management for the Central and State Governments
(d) Regulating the functions of Non-banking Financial Institutions
Answer: (a)
