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News– India Post Payments Bank (IPPB) was recently honored with the Digital Payments Award 2024–25 by the Department of Financial Services (DFS) under the Ministry of Finance.
About India Post Payments Bank (IPPB)
- IPPB is a 100% government-owned bank set up under the Department of Posts, Ministry of Communications.
- It was launched on September 1, 2018.
- Significance– Its core mission is to bring banking services to the unbanked and under banked, especially in remote areas, by using the vast network of around 1.65 lakh Post Offices across the country.
Functions of IPPB:
- IPPB operates on a smaller scale than traditional banks and does not provide loans or issue credit cards to reduce risk.
- It offers services such as deposit acceptance, money transfers, mobile payments and purchases, and access to ATM/debit cards, net banking, and third-party fund transfers.
- It can accept deposits up to Rs. 2 lakh.
