The India Post Payments Bank has received the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs, making it the first public sector unit under the Department of Posts (DoP).

With the incorporation, the board of the India Post Payments Bank (IPPB) is likely to be constituted soon, the DoP said.

“The incorporation of IPPB Ltd is a significant step forward as this also paves the way for it to begin hiring professionals to set up the bank and start its operations in 2017,” it said.

The Department is expected to complete the roll-out of its branches throughout the country by September 2017. This could be the fastest roll-out of a bank anywhere in the world, it said.

The Cabinet, on June 1, had cleared the proposal to set up the India Post Payments Bank with a corpus of ₹800 crore and 650 branches.

The ₹800 crore will be made available in the form of ₹400 crore of equity and ₹400 crore grant.

The bank will be run by a chief executive officer and will be professionally managed. It will have representations from various other government departments, including the Department of Posts, Department of Expenditure, and Department of Economic Services, among others.

At present, core banking network of post offices, at 22,137, is more than State Bank of India’s 1,666 core banking branches.

Coupled with the physical presence across 1.55 lakh post offices (of which around 1.39 lakh are in rural areas), India Post Payments Bank aims to become a powerful and effective vehicle of real financial inclusion in the country.

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