India Post Payments Bank (IPPB) has received the certificate of incorporation from the Registrar of Companies to commence its operations across the country in 2017.
Government of India Press Information Bureau (PIB) said: “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 payment bank will be the first public sector undertaking (PSU) under the Department of Posts, which expects to complete the launch of its branches by September 2017.
IPPB said intends to become the most accessible bank in the world, leveraging on advanced banking and payments technology.
Coupled with the physical presence across 155000 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 added.
On 20 August 2015, the Reserve Bank of India (RBI) had given in-principle approval to 11 payment banks applicants.
The recipients were Aditya Birla Nuvo, Reliance Industries, Airtel M Commerce Services, Vodafone m-pesa, Tech Mahindra, Cholamandalam Distribution Services, Department of Posts, Fino PayTech, National Securities Depository, Dilip Shantilal Shanghvi, and Vijay Shekhar Sharma.