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IPPB would become one of the largest banking networks in India. India Post has 154,000 post offices, of which 139,000 are in rural areas Prime Minister Narendra Modi will launch  India Post Payments Bank  (IPPB) on August 21. The event will take place at the capital's Talkatora stadium. The bank is running pilot services in Raipur and Ranchi. It will tie up with other banks and financial companies to offer loans, mutual funds and insurance policies, said sources. The Department of Posts was one of the 11 entities to get the in-principle nod from the Reserve Bank of India (RBI) in 2015 for setting up a payments bank. Many private firms such as Airtel, Fino, Paytm, etc, have launched these services. But IPPB missed the September 2017 deadline to open 650 branches because it failed to get a system integrator (SI) on board. IPPB would become one of the largest banking networks in India. India Post has 154,000 post offices, of which 139,000 are in rural areas. The...

The payments bank ran into a controversy after it allegedly opened savings accounts for existing customers without their express permissions Airtel Payments Bank  , which was stopped by the Reserve Bank of India (RBI) from getting new customers on board, received approvals from the central bank to add new accounts, the company said on Thursday. Also, the Unique Identification Authority of India (UIDAI) has allowed it to use the 12-digit Aadhaar-based e-KYC, the company said. The payments bank ran into a controversy after it allegedly opened savings accounts for existing customers without their express permissions. These accounts allegedly led to government LPG subsidies worth Rs 1.68 billion being transferred to Airtel Payments Bank accounts even as many of the customers weren’t aware of that. “We thank the authorities for the approvals. We remain committed to the Government’s vision of financial inclusion and banking for all,” a spokesperson said. Artic...

Inter-operability to help players increase business To make the use of digital cash more prevalent and convenient, a digital wallet user would soon be able to accept cash from the user of another  Ewallet , because of the Reserve Bank of India (RBI) tweaking its guidelines. Current Affairs News  : For example, a Paytm wallet user would soon be able to accept cash from a PhonePe wallet user. Opening up the strings of digital wallets, the RBI on Wednesday said it would issue revised directions by October 11 to allow “inter-operability” among prepaid payment instruments (PPIs). These include digital wallets, prepaid cash coupons and prepaid telephone top-up cards. PPIs are a substitute for paper currency. It is expected that PPIs can inter-operate within six months of the revised directions, the RBI said in its “Statement on Developmental and Regulatory Policies”. ALSO READ:  RBI pauses, revises growth forecast down sharply The RBI said the feed...

PAC meeting to discuss issue of demonetisation has been called on January 20 Breaking News  : The Public Accounts Committee (PAC) of Parliament can call Prime Minister Narendra Modi on the issue of demonetisation if it is not satisfied with the answers given by top finance ministry officials and the RBI Governor Urjit Patel, to whom a detailed questionnaire has been sent. A PAC meeting on this issue has been called on January 20th, in which the RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will be present. "We have not yet received answers to the questions we have sent to them. They will reply few days before the January 20th meeting. Their replies will be discussed in detail," PAC Chairman and senior Congress leader K V Thomas told PTI. Asked if the PAC would call the Prime Minister if replies were not satisfactory, he said: "The committee has all right to call anybody involved in the mat...