Posts Tagged ‘IPPB’

India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018

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Ministry of Communications
India Post Payments Bank (IPPB) to enable Digital Payments in Post Offices by April 2018

India-Post-Payments-Bank-IPPB

10 FEB 2018

India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media on Tuesday, 06th February 2018. Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and GraminDakSewaks (GDS). IPPB will also enable more than 17 crore active account-holders of Post Office Savings Bank to make interoperable digital payments including the benefit of NEFT, RTGS, UPI and bill payment services. Additionally, the IPPB will enable acceptance of digital payments across post offices in the country in line with the digital payments initiative of the government.

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Be the first to comment - What do you think?  Posted by admin - February 10, 2018 at 3:25 pm

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FAQs on deputation of DoP staff to India Post Payments Bank (IPPB)

ippb-faq
FAQs on deputation of DoP staff to India Post Payments Bank (IPPB)
Sl.No. Frequently Asked Question Response/Clarification
1. What is IPPB ? What are its Objectives? How it will operate? (i) India Post Payments Bank Limited (“IPPB”) was incorporated as a company on August 17, 2016 under The Companies Act, 2013, with 100% equity from the Department of Posts (DoP), Ministry of Communications, Govt. Of India and as a payments banking company under Section 22 (1) of the Banking Regulation Act, 1949.(ii) IPPB is visualized as a vehicle of financial inclusion that would complement the existing banking, financial services and payments network in the country to improve overall efficiency, accessibility and convenience in delivery of banking services including Direct Benefits Transfer and social security payments. IPPB, as an organization, is designed to leverage the field network of the Department of Posts and is required to carry out its sales and operations through the workforce of the DoP. IPPB will be responsible for designing the products and services, defining the technology and service delivery platforms, undertaking marketing and third-party tie-ups, setting and monitoring the service quality standards, handling customer grievances, managing the risks of the banking operations, and dealing with statutory and regulatory compliances, etc.
2. Why IPPB is looking for positions on deputation/ foreign service/ engagement for DoP? Requirement of positions on deputation/ Foreign Service from DoP to IPPB is based on IPPB’s business requirements, as success of IPPB hinges significantly on its ability to leverage field-level resources of DoP. In this context, it is imperative, especially in the initial stages, that the persons who are acting on behalf of IPPB at the field level, have a strong understanding of DoP as an organization.
3. Which authority has approved the policy of deputation? Board of Directors of IPPB approved the policy of deputation of regular employees from DoP to IPPB, which is also agreed by Postal Services Board.
4. What is the period of deputation? What is the job profile of posts offered ? What are the employment terms and conditions / service rules? Details are available in the Notification released by IPPB.
5. Will there be any relaxation provided in the eligibility criteria? No relaxation will be provided in the eligibility criteria on age, experience and education. Kindly ensure that you fill the correct information. In case, any incorrect information is provided, your application is liable to be cancelled.
6. Can any details of submitted application be modified/ removed/ added No. Any changes to the application cannot be made after submission of the application.
7. Whether ASPs can apply for Scale- II ? All regularly appointed ASPs, if they fulfill the eligibility criteria can apply for scale –II position.
8. Whether all PAs will be eligible for deputation? All regular PAs who fulfill the eligibility criteria can apply for scale-I position, irrespective of their present place of posting .
9. Whether officials working in LSG /HSG- II /HSG-I/ Post Master cadre can apply for deputation? All LSG PAs/ HSG-II/Postmaster cadre officials who fulfill eligibility criteria can apply for Scale I.
10. Is the experience of CBS/Sanchay Post mandatory to apply for Scale I? As per Section C of notification at least two years hands on experience is mandatory in POSB CBS/ Sanchay Post operations.
11. Whether all GDS will be eligible for deputation? All regularly appointed GDS candidates meeting eligibility criteria will be eligible.
12. Whether DoP official working in deputation in IPPB is allowed to appear in DoP departmental exams for promotion? Yes, subject to fulfilment of eligibility criteria of that particular exam.
13. Whether reservation is applicable in the selection? Being the deputation posts, rules of reservation are not applicable.
14. Will any model question papers be made available? To be notified in due course of time.
15. Where can I download the Admit card for the examination Admit card can be downloaded after the date of examination is announced from www.indiapost.gov.in
16. When will the results be available for the exams Results will be published on www.indiapost.gov.in in due course of time.

Note: The Last date for registration of application has been extended to 15.01.2018

Sd/-

Abhishek Jain

ADG (PBI)

Dated 05.01.2018

Source: India Post

Be the first to comment - What do you think?  Posted by admin - January 5, 2018 at 5:08 pm

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India Post Payment Bank IPPB – Schedule of Charges (Tariffs are excluding applicable taxes)

India Post Payment Bank IPPB – Schedule of Charges (Tariffs are excluding applicable taxes)

India Post Payment Bank

IPPB – Schedule of Charges
(Tariffs are excluding applicable taxes)

Account variants -> Account feature Regular Account – Safal Account Basic Savings Bank
Deposit Account(BSBDA) – Sugam Account
BSBDA – Small
Account – Saral Account
Account opening
Eligibility Anybody 10 years
and above with KYC
Anybody 10 years
and above with KYC
Anybody 10 years
and above with
simplified KYC
Initial minimum deposit
requirement
INR 100 Nil Nil
Minimum account balance Nil Nil Nil
Maximum balance INR 1,00,000 INR 1,00,000 INR 1,00,000
Nomination facility Available Available Available
ATM/ Debit CArd Free Free Free
Subsequent cards INR 100 INR 100 INR 100
Annual maintenance
charges (from 2nd Year)
INR 100 NA NA
PIN regeneration INR 100 INR 50 INR 50
Servicing / Transaction
Minimum Quarterly Average
Balance (QAB)
Nil Nil Nil
Annual Interest Rate 5.5% 5.5% 5.5%
Quarterly Non maintenance
charges
NA NA NA
Interest payment Quarterly Quarterly Quarterly
Mobile Alerts Free Free Free
Monthly Account statement
(including duplicate
statements)
Free Free Free
Doorstep banking (Refer
Doorstep banking charges for
details)
INR 15-35 INR 15-35 INR 15-35
Interbank remittances
charges (IPPB Intrabank
remittance is free
2 remittances free
per month
For more details, see
Remittances charges
See Remittances
charges
See Remittances
charges
Branch Banking
Free monthly customer
induced
transactions.Subsequently
@ INR 20 per transaction at
branch and Customer
Service Points
4 Free 4 Free 4 Free
Charge frequency Monthly Monthly Monthly
ATM monthly transactions
At India Post ATMs All free All free All free
At Punjab National Bank’s
ATMs
All free All free All free
At other bank’s ATMs:
Metro
3 txns. free 3 txns. free 3 txns. free
At other bank’s ATMs: Non-
Metro
5 txns. free 5 txns. free 5 txns. free
Additional transactions at
Other Bank’s ATMs
Financial: INR 20 Financial: INR 20 Financial: INR 20
Non-financial: INR 8 Non-financial: INR 8 Non-financial: INR 8
Maximum ATM withdrawal
per transaction
INR 10,000 INR 10,000 INR 10,000
per month in
aggregate by way of
withdrawals through
withdrawal slips at
Branch, ATM, POS
Outlets and
E-Commerce
Transactions
Maximum ATM withdrawal
per day
INR 25,000 INR 25,000
Maximum cumulative spend
at POS outlets and
ecommerce sites per day
INR 65,000 INR 65,000
Miscellaneous
Standing Instruction Charges
(IPPB to IPPB)
Free Free Free
Account status change
(Inactive to active and
dormant to active)
Free Free Free
Account Closure Charges within 14 days of Account
Opening
Free Free Free
Account Closure within 6 months – Customer induced INR 250 INR 250 INR 250
Balance certificate per Instance Free Free Free
ATM card/ KIT returned due to wrong address INR 100 INR 100 INR 100
Charges to be recovered from IPPB customer in case of
cheque bounce
100% of clearing
charges
100% of clearing
charges
100% of clearing
charges

All transaction limits set in this Schedule of Charges are applicable subject to the transaction amounts being within regulatory limits for the specified period as prescribed by RBI.

Remittances Charges

These charges are applicable irrespective of the type of Savings account.

Mode of Outward
Remittance
Transaction size Charges (excluding
service tax) at branch
and doorstep banking
Charges (excluding
service tax) for
mobile banking
NEFT Up to INR 10,000 INR 2.5 per transaction NA
INR 10,000 – INR 1
Lakh
INR 5 per transaction NA
IMPS
Upto 1 INR Lakh
INR 5 per transaction INR 4 per transaction
AEPS Upto INR 10,000
(max. limit)
Free NA

The charges are subject to any regulatory changes that might be intimated from time to time

Doorstep Banking Charges

Service
Charges (INR)
Doorstep Banking -On-boarding Customer On-
boarding
Free
Doorstep Banking – Cash based
transactions
Cash Deposit and
Withdrawal
For cash transactions
< INR 2,001 : INR 15 per visit
INR 2001 – 5,000 : INR 25 per visit
INR 5,001 – 10,000 : INR 35 for per visit
Cash transactions above INR 10,000 will
not be offered at doorstep
Doorstep Banking – Non-cash
based Financial Transactions
Remittance INR 10 per visit
Doorstep Banking – Non-cash
based Non-Financial Transactions
Balance Enquiry Free
Mini Statement

Notes:
1. The above charges are in addition to the transaction charges (e.g. charges for AEPS are not included above). Please refer to the respective sections for transaction charges.
2. The higher of financial and non-financial transaction charges for Doorstep Banking will be levied in case a customer avails both the facilities in a single visit (e.g. if a customer avails cash deposit of INR 10,000 and balance enquiry in a single Doorstep visit) the customer will be charged INR 35 for that visit).
3. Only three transactions are allowed per visit. Fourth transaction would be treated as another visit, and charges would apply accordingly.

Source: http://utilities.cept.gov.in/dop/pdfbind.ashx?id=2348

Be the first to comment - What do you think?  Posted by admin - April 27, 2017 at 1:08 pm

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More than 2 dozen companies want collaboration with India Post Payments Bank-Manoj Sinha

More than 2 dozen companies want collaboration with India Post Payments Bank-Manoj Sinha

Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. Replying to a question in the Rajya Sabha, the Minister of Communications Shri Manoj Sinha said that while the Department is in various stages of discussions with them, decision on formal partnerships will be taken after carefully evaluating the entire value proposition that they propose for the common man. The India Post Payments Bank had launched its two branches in Raipur (Chhattisgarh) and Ranchi (Jharkhand) on 30/01/2017 with basic products and banking services in partnership with Punjab National Bank.

Shri Sinha also said that the Payments Banks are different from regular Banks in the following fundamental ways as per RBI guidelines for Licensing of Payments Banks:

(i) Payment Banks are not allowed to undertake lending activities directly. It can accept demand deposits only that is savings and current accounts and will initially be restricted to holding a maximum balance of Rs. 100,000(Rupees one lakh only) per individual customer.

(ii) Payment Banks cannot accept Non Resident Indian (NRI) deposits.

(iii) The Payment Banks cannot set up subsidiaries to undertake non banking financial services activities.

A list of companies interested in partnering with India Post Payments Bank is attached at Annexure A.

List companies keen to partner with India Post Payments Bank.
1 YES Bank
2 Union Bank
3 Punjab National Bank
4 IDBI Bank (Industrial Development Bank of India)
5 SBI (State Bank of India)
6 Axis
7 Bank of Baroda
8 IDFC Bank (Industrial development finance company)
9 Deutshe Bank
10 Barclays Bank
11 Citibank
12 NABARD (National Bank For Agriculture & Rural Development)
13 HSBC (Hongkong and Shanghai Banking Corporation)
14 MICRO SAVE
15 Allahabad Bank
16 Indian Overseas Bank
17 Dena Bank
18 FIA (Financial Inclusion)
19 Kotak Mahindra Bank
20 United Bank of India
21 HDFC Life (Housing Development Finance Corporation)
22 Royal Sundaram
23 PNB Metlife (Punjab National Bank)
24 ICICI Lombard ( Industrial Credit and Investment Corporation of India Bank)
25 ICICI Prudential ( Industrial Credit and Investment Corporation of India Bank)
26 Bajaj Allianz Life

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Be the first to comment - What do you think?  Posted by admin - March 27, 2017 at 3:11 pm

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India Post Payments Bank will be a game changer for financial inclusion – Manoj Sinha

Press Information Bureau,
Government of India
Ministry of Communications & Information Technology

30-January, 2017 18:27 IST

India Post Payments Bank will be a game changer for financial inclusion -Manoj Sinha
IPPB branches launched in Ranchi & Raipur

 

IPPB-India-Post-Payments-Bank

Finance Minister, Shri Arun Jaitley and Minister of Communications Shri Manoj Sinha launched the operations of the India Post Payments Bank (IPPB) here today as two pilot branches at Raipur and Ranchi through video conferencing from Delhi.

Speaking on the occasion, Shri Jaitley said that about 650 IPPB branches will be opened by September this year and that will have a multiplier impact as far as banking in India is concerned. He said with IPPB, banking at the doorstep will no longer remain a mere slogan, but will become a reality due to huge postal network in the country. He said that financial Inclusion is critical for the socio-economic development of the country, but there are significant gaps in this area and a large proportion of country’s population remain unbanked or underbanked. IPPB will effectively leverage the ubiquitous post office network with its pan-India physical presence, long experience in cash handling and savings mobilization, backed by the ongoing project of IT-enablement, to bridge this gap in Financial Inclusion.

In his address, Minister of Communications Shri Manoj Sinha has commended the hard work done by the Department of Posts in setting up the India Post Payments Bank and hoped that both organizations will work in tandem to take the benefits of government schemes and financial services that are not easily available in rural areas to customers across the country and to the marginalized population in urban and rural areas alike. He said, the objective of IPPB will be public service rather than promoting commercial interests.

Secretary, Department of Posts, Shri B.V.Sudhakar said that the IPPB is widely expected to be a game changer for financial inclusion in the country as the USP of this initiative is doorstep banking, particularly in the rural areas.

As mandated by the RBI, the India Post Payments Bank (IPPB) would focus on providing basic financial services such as all kinds of payments; including social security payments, utility bill payments, person to person remittances (both domestic and cross-border), current and savings accounts up to a balance of Rs 1 lac, distribution of insurance, mutual funds, pension products and acting as business correspondent to other banks for credit products especially in rural areas and among the underserved segments of the society.

Set up us a 100% Government of India owned Public Limited Company under the Department of Posts, it will open around 650 branches in district HQ locations. All 1.55 lacs post offices including the 1.39 lac of the rural post offices will be mapped to the IPPB branch at the district headquarter and function as access points for IPPB. IPPB will usher in state of the art internet and mobile banking platforms, digital wallets and use innovative and emerging technologies to catalyse the shift from a cash dominant to a less cash economy.

While many other banks and financial institutions are working on the same theme, the USP of IPPB will be its ability to ease access and handhold the adoption of new age banking and payments instruments among citizen of all walks of life through the delivery by postmen and Grameen Dak sevaks, savings agents and other franchisees who will take banking to door steps. IPPB thus aspires to the most accessible, affordable and trusted bank for the common man with the motto – “No customer is too small, no transaction too insignificant, and no deposit too little”.

Given ‘in principle’ approval by the RBI along with 10 other aspirants on 19th Aug 2015, IPPB received the cabinet’s approval on 1st June, 2016 and was incorporated as on 17th Sept, 2106. Today it became the second payments bank to launch its operations. Having got its final banking license from the RBI on the 20th Jan 2017 it has commenced operations in record time of 10 days in partnership with the Punjab National Bank, after obtaining all necessary approvals and registrations from the RBI, NPCI etc.

A commemorative stamp and a logo of the new bank were also launched on the occasion.

Be the first to comment - What do you think?  Posted by admin - January 31, 2017 at 7:48 am

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India Post launches logo and tagline design contest for IPPB on MyGov

Press Information Bureau
Government of India
Ministry of Communications & Information Technology

10-June-2016 14:41 IST

India Post launches logo and tagline design contest for IPPB on MyGov

The Department of Posts on 10.6.16 launched a logo and tagline design contest for the soon to be set up India Post Payments Bank on the MyGov website. The Cabinet has on 1st June 2016, given its nod to the setting up of the IPPB under the Department of Posts to further financial inclusion in the country.

Department of Post wants to connect with and involve the people of India in designing the DNA of the India Post Payments Bank. One of the guiding principles of the India Post Payments Bank would be cocreating value propositions and products with its customers and other stakeholders. The present contest is the first step towards this ongoing engagement. It has also initiated a nationwide survey to understand the needs of different segments of customers.

Reward: The contest is open to all Indian citizens, institutions, agencies and entities for a period of one month, until 9th July 2016. The best entry will be awarded Rs 50,000/. A panel of eminent designers/ experts will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner.

About the India Post Payments Bank

The India Post Payments Bank will offer digitally enabled payments, banking and remittance services of all kinds between entities and individuals and also provide access to insurance, mutual funds, pension and credit products in partnership with third party financial service providers and Banks. It is poised to emerge as the main vehicle of financial inclusion in the country by bringing the physical reach of 1.55 lakh post offices and a modern payments platform powered by ubiquitous information and communication technologies together to create a national payments architecture that can be accessed by all users like never before. The stakeholders of the India Post Payments Bank within the Government and outside are looking at this new entity as a catalyst to social and financial inclusion. The roll out of the IPPB is to be completed by September 2017.

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Be the first to comment - What do you think?  Posted by admin - June 11, 2016 at 11:50 am

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DoP starts logo contest for payments bank with Rs 50k prize

DoP starts logo contest for payments bank with Rs 50k prize

The Department of Posts today started a contest inviting logo design and tagline for its payments bank from the public with a prize money of Rs 50,000 for the winner.

“The Department of Posts on June 10, 2016, launched a logo and tagline design contest for the soon to be set up India Post Payments Bank on the MyGov website. The contest is open to all Indian citizens, institutions, agencies and entities for one month until July 9, 2016,” the Postal Department said in a statement.

The Union Cabinet on Wednesday cleared proposal to set up India Post Payments Bank (IPPB) with a corpus of Rs 800 crore and a plan for 650 branches operational by September 2017. It will be expanded further to cover the entire country by the end of 2018-19.

“The best entry will be awarded Rs 50,000. A panel of eminent designers and experts will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner,” the statement said.

The government has earlier accepted new sign of the rupee and the Swachh Bharat logo from public contests.

The department said it wants to connect with and involve the people of India in designing “the DNA” of the India Post Payments Bank.

“One of the guiding principles of the India Post Payments Bank would be co-creating value propositions and products with its customers and other stakeholders. The present contest is the first step towards this ongoing engagement. It has also initiated a nationwide survey to understand the needs of different segments of customers,” the statement said.

The India Post Payments Bank (IPPB) will offer digitally enabled payments, banking and remittance services of all kinds between entities and individuals and also provide access to insurance, mutual funds, pension and credit products in partnership with third-party financial service providers and banks.

Initially most of the 3.5 lakh workforce will be posted on deputation who will be gradually be replaced by fresh recruits.

Telecom Minister Ravi Shankar Prasad has asked the Postal Department to hire an MD and CEO of the IPPB by August and set up a selection committee for hiring a chief financial officer by June 15.

Source: BS

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