India Post Payments Bank Incorporated
Press Information Bureau
Government of India
Ministry of Communications & Information
Technology
18-August-2016 16:18 IST
India Post Payments Bank Incorporated
The India Post Payments Bank Limited has received the
Certificate of Incorporation from the Registrar of Companies, Ministry of
Corporate Affairs yesterday under the Companies Act 2013. This would be the
first PSU under the Department of Posts. This has happened in the wake of Prime
Minister Shri Narendra Modi’s Independence Day address, raising the
expectations of the people from the soon to be set up India Post Payments Bank.
With this move the Department of Posts has cleared an important milestone on this
journey.
With the incorporation, the Board of the India Post Payments
Bank Limited is likely to be constituted soon. The incorporation of the IPPB
Ltd is a significant step forward as this also paves the way for the bank to
begin hiring of banking professionals to set up the bank and begin its
operations in 2017. The Department of Posts is expected to complete the roll
out of its branches all over the country by September 2017. This could be the
fastest roll out for a bank anywhere in the world.
The aspiration for the India Post Payments Bank is to become
the most accessible bank in the world riding on state of the art banking and
payments technology. Coupled with the physical presence across 1.55 lakh post
offices and the reach of “The Dakiya”, the India Post Payments Bank aims to
become a powerful and effective vehicle of real financial inclusion in the
country. It is poised to create a national payments architecture riding on a
modern payments platform and ubiquitous information and communication technologies
that can be accessed by all users and service providers like never before. The
stakeholders of the India Post Payments Bank within the Government and outside
are looking at this new entity as a catalyst to social and financial inclusion.