New Stamp from India - India Post Payments Bank

Date of Issue : 30 January 2017

India Post issued a commemorative stamp on India Post Payments Bank on 30th January 2017. 

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley and the Minister of State for Communications (Independent Charge) and Railways, Shri Manoj Sinha released commemorative stamp on India Post Payments Bank.

India Post Payments Bank (IPPB) on Monday kicked off its operations by rolling out pilot services in Raipur and Ranchi.The bank will offer an interest rate of 4.5% on deposits up to ₹25,000; 5% on deposits of ₹25,000-50,000 and 5.5% on ₹50,000-1,00,000, its Chief Executive Officer A.P. Singh said.The paid up equity of the new bank is ₹800 crore, of which the government has already infused ₹275 crore, he added.“The idea is to have a branch in every district and make 3 lakh postmen come alive in payment bank function,” he said.Also 1,000 ATMs of India Post will be transferred to IPPB, Mr. Singh added.Telecom Minister Manoj Sinha said that IPPB plans to have 650 branches across the country by September 2017.

Source : The Hindu