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India Post Payments Bank, abbreviated as IPPB, is a division of India Post that is under the ownership of the Department of Post, a department under the Ministry of Communications of the Government of India. Opened in 2018, as of March 2024, the bank has more than 9 crore customers.
Paytm Payments Bank and Airtel Payments Bank together command over 88% of the deposits in payment banks in India in 2018. According to the Reserve Bank of India's report on ‘Trend and progress of Banking in India 2017-2018', the payment banks reported losses in the financial year 2017-2018, after a weak performance in the FY 2016-17. [14]
Over time, the scope of financial services provided by India Post grew to include other National Savings Schemes promoted by Government of India. In 2018, India Post Payments Bank (IPPB) was launched as a regulated bank to provide a full set of banking services, as specialised division of India Post. As of January 2022, the bank was serving ...
A Post Box of India Post A special stamp released on India Post Payments Bank in 2017. The Postal Index Number (PIN, or sometimes redundantly PIN code) is a six-digit postal code. The PIN system was made by Shriram Bhikaji Velankar when he was at service in Kolkata. It was introduced on 15 August 1972 by former Prime Minister Indira Gandhi.
Paytm Payments Bank (PPBL) was an Indian payments bank, founded in 2017 and headquartered in Noida. [3] In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. [4] [5] [6] In 2021, the bank received a scheduled bank status from the RBI. [7] [8]
A recurring deposit is a special kind of term deposit in India that is offered by Indian banks and India Post which helps people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits. [1] [2]
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The work in these offices mainly comprises maintaining General Provident Fund accounts of the staff employed in a particular postal circle, settlement of pension cases, checking of money order deliveries and NSCs, budgeting and financial control, Internal Audit of Postal Units and rendering financial advice to the concerned Head of the Circle.