India post payments bank gets RBI nod to start operations
New Delhi: The Reserve Bank of India (RBI) has given its nod to the India Post Payments Bank (IPPB) to start operations. The government has also appointed an interim CEO, who will help set up the entity.
IPPB is the third entity (got final licence from RBI on January 20) after Airtel and Paytm payment banks to get the central bank’s approval, sources said.
The government has appointed A P Singh as the interim managing director and CEO of IPPB.
As per sources, operations are expected to start before March 31 and will be gradually rolled out in 650 districts using the network of 1.54 lakh post offices.
The postal payment bank will use postmen to help deliver banking services.