Q. With reference to India Post Payments Bank (IPPB), consider the following statements::
1.It is a wholly-owned subsidiary of Department of Post, with 100 percent Government of India equity.
2.It is the only bank in India that is directly regulated and governed by the Ministry of Finance.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:
  • Statement 1 is correct: India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Prime Minister on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
  • Statement 2 is incorrect: It is also regulated by the RBI.

Source: Article

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