Consider the following statements regarding the India Post Payments Bank (IPPB): 1. It allows customers to hold savings and current accounts but does not offer loans. 2. It is a 100% government-owned entity. 3. IPPB operates under the supervision of the Reserve Bank of India (RBI). How many of the statements given above are correct? |ForumIAS

Q. Consider the following statements regarding the India Post Payments Bank (IPPB):
1.It allows customers to hold savings and current accounts but does not offer loans.
2.It is a 100% government-owned entity.
3.IPPB operates under the supervision of the Reserve Bank of India (RBI).
How many of the statements given above are correct?

[A] Only one

[B] Only two

[C] All three

[D] None

Answer: C

Notes:

Explanations –

Statements 1, 2 and 3 are correct. IPPB provides savings and current account services, but as a payments bank, it is not allowed to issue loans or credit cards. Its services include deposits up to ₹2 lakh, money transfers, bill payments, insurance, and other financial services, but lending is prohibited as per RBI guidelines. IPPB is a public sector entity established under the Department of Posts, Ministry of Communications, with 100% equity owned by the Government of India. Like all payments banks, IPPB operates under the regulatory supervision of the Reserve Bank of India (RBI).

Source: AIR

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