Which of the following statements are true about the India Post Payments Bank (IPPB)? 1. IPPB was set up in 2016. 2. IPPB got incorporated as a Public Limited Company with 100 percent GOI equity under Department of Posts. 3. Post Office Savings Bank products primarily focus on encouraging digital payments and remittance whereas IPPB primarily aim at savings. 4. Services launched by IPPB include Life and General Insurance, Digital Life Certificate, Domestic Money Transfer.

India Post Payments Bank

• The Department of Post, a branch of India Post that is under the Ministry of Communications of the Indian government, owns India Post Payments Bank, also known as IPPB.
• The Central Bank of India granted the India Post a licence to operate a payments bank on August 19, 2015.
• It was registered as a public limited government corporation on August 17, 2016, in order to establish a payments bank. Hence, statement 1 is correct.
• IPPB incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity.
• Department of Posts, which is part of Ministry of Communications, and IPPB jointly operate. Hence, statement 2 is correct.
• Post Office Savings Bank products primarily focus on savings whereas IPPB primarily aim at encouraging digital payments and remittance. Hence, statement 3 is incorrect.

Additional Information

• The IPPB pilot project was launched on January 30, 2017, in Raipur and Ranchi.
• The cost of $143 crore (US$180 million) was approved for the bank's establishment by the Union Cabinet in August 2018.
• On September 1st, 2018, the bank's first phase, which includes 3,250 post offices and 650 branches, was opened.
• The first phase has employed more than 10,000 postmen. The bank had nearly 3.5 crore customers by September 2020.
• Services include Digital Life Certificate; Domestic Money Transfer; CELC service; Doorstep Banking; Payments. Bill Payments. Bills Payments and Recharge; Remittances etc. Hence, statement 4 is correct.