Question
Which of the following statement is incorrect about
India Post Payment Bank? i. It's slogan is “Apka Bank Apke Dwaar” ii. It is a payment bank therefore it will not provide any loans including credit cards iii. It is a joint venture between India Post and SBI, each holding 50% of the equity.Solution
The India Post Payments Bank (IPPB) has been recently incorporated as a Public Limited Company under the Department of Posts with 100% GOI equity. IPPB will offer demand deposits such as savings and current accounts upto a balance of Rs 1 Lac, digitally enabled payments and remittance services of all kinds between entities and individuals and also provide access to third party financial services such as insurance, mutual funds, pension, credit products, forex, and more, in partnership with insurance companies, mutual fund houses, pension providers, banks, international money transfer organisations, etc.
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