New Click Here to Play Diwali Spin and Win and Get Huge Discounts

    Register

    Question

    Which of the following statement is incorrect about India Post Payment Bank?

    i. It's slogan is “Apka Bank Apke Dwaar”     

    ii. It is a payment bank therefore it will not provide any loans including credit cards

    iii. It is a joint venture between India Post and SBI, each holding 50% of the equity.

    A Only i Correct Answer Incorrect Answer
    B Only i & ii Correct Answer Incorrect Answer
    C Only ii & iii Correct Answer Incorrect Answer
    D Only iii Correct Answer Incorrect Answer
    E All the above Correct Answer Incorrect Answer

    Solution

    The India Post Payments Bank (IPPB) has been recently incorporated as a Public Limited Company under the Department of Posts with 100% GOI equity. IPPB will offer demand deposits such as savings and current accounts upto a balance of Rs 1 Lac, digitally enabled payments and remittance services of all kinds between entities and individuals and also provide access to third party financial services such as insurance, mutual funds, pension, credit products, forex, and more, in partnership with insurance companies, mutual fund houses, pension providers, banks, international money transfer organisations, etc. 

    Practice Next

    Relevant for Exams: