New Delhi: The government has allocated Rs500 crore to India Post
Payments Bank for the financial year 2017-18 as it gears up to set up
650 branches across country by September 2017.
The government has allocated Rs125 crore as “capital infusion into
corporate entity for India Post Payments Bank” and Rs375 crore as “grant
in aid to India Post Payments Bank (IPPB)”, as per Output-Outcome
Framework for Schemes 2017-18 for the department of posts (DoP) released
on Monday.
India Posts is the second entity to roll out payments bank—though on a
pilot basis—in Raipur and Ranchi, after Airtel that has earmarked
Rs3,000 crore as initial investment for pan-India operations with an
interest rate of 7.25% on deposits. Besides, Airtel is offering free
money transfer from Airtel to Airtel numbers within Airtel Bank, money
transfer to any bank account in the country.
The IPPB will offer an interest rate of 4.5% on deposits up to Rs25,000;
5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000. The
total paid up equity of the new bank IPPB is Rs 800 crore, of which the
government has already infused Rs275 crore.
Payments banks can accept deposits up to Rs1 lakh per account from
individuals and small businesses. The new model of banking allows mobile
firms, super market chains and others to cater to banking requirements
of individuals and small businesses. The allocation to IPPB is part of
Rs1,034.13 crore earmarked for the department of posts. The second big
chunk of the total allocation, Rs279.6 crore, has been allocated for
providing IT hardware and software in identified rural areas for
improved access to services and customer satisfaction, resulting in
increase in customer transactions, traffic and revenue.
The DoP has been allocated Rs110.83 crore for establishing e-commerce,
parcel booking, international business centres, Rs73.5 crore for estates
management, Rs32 crore for mail operations and Rs17.7 crore for
equipments and IT infrastructure in rural post offices. The government
has allocated Rs3.8 crore for setting up 246 offices and 200 outlets for
providing better access to communication and financial services.
Source : livemint.com
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