New Delhi: The government
has allocated Rs500 crore to India Post Payments Bank for the financial year
2017-18 as it gears up to set up 650 branches across country by September 2017.
The government has allocated
Rs125 crore as “capital infusion into corporate entity for India Post Payments
Bank” and Rs375 crore as “grant in aid to India Post Payments Bank (IPPB)”, as
per Output-Outcome Framework for Schemes 2017-18 for the department of posts
(DoP) released on Monday.
India Posts is the second
entity to roll out payments bank—though on a pilot basis—in Raipur and Ranchi,
after Airtel that has earmarked Rs3,000 crore as initial investment for
pan-India operations with an interest rate of 7.25% on deposits. Besides,
Airtel is offering free money transfer from Airtel to Airtel numbers within
Airtel Bank, money transfer to any bank account in the country.
The IPPB will offer an
interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of
Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000. The total paid up equity of the
new bank IPPB is Rs 800 crore, of which the government has already infused
Rs275 crore.
Payments banks can accept
deposits up to Rs1 lakh per account from individuals and small businesses. The
new model of banking allows mobile firms, super market chains and others to
cater to banking requirements of individuals and small businesses. The
allocation to IPPB is part of Rs1,034.13 crore earmarked for the department of
posts. The second big chunk of the total allocation, Rs279.6 crore, has been
allocated for providing IT hardware and software in identified rural areas for
improved access to services and customer satisfaction, resulting in increase in
customer transactions, traffic and revenue.
The DoP has been allocated
Rs110.83 crore for establishing e-commerce, parcel booking, international
business centres, Rs73.5 crore for estates management, Rs32 crore for mail
operations and Rs17.7 crore for equipments and IT infrastructure in rural post
offices. The government has allocated Rs3.8 crore for setting up 246 offices
and 200 outlets for providing better access to communication and financial
services.
source:livemint
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