India Post Payment Bank can give credit card and loan? know the answer here

India Post Payment Bank can give credit card and loan? know the answer here

India Post Payment Bank MD and CEO J Venkataramu said on Tuesday that IPPB Wants to transform itself into a universal bank. For this, a large network of post office branches will help in achieving financial inclusion. He said that when IPPB started operations in 2018, 80 per cent of transactions were in cash. Now with the adoption of technology, at present this transaction has reduced to only 20 percent and 80 percent of the transactions are done digitally.

IPPB can give credit card and loan?

J Venkataramu was asked whether he has approached the Reserve Bank of India (RBI) for a universal bank licence. He said that along with credit financial inclusion, social upliftment is also an important aspect. The vastness of post offices can help in financial inclusion and expansion of credit. He said that IPPB as a payment bank can increase deposits, internet banking and other specific services, but cannot issue loans and credit cards.

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Venkataramu said at a CII event that given the network of post offices, perhaps we fit the bill of being an institution that can reach every nook and corner. If we get a full banking license specifically for financial inclusion, we can be successful in meeting the big targets.

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IPPB came into existence in 2016

Speaking at the event, Anurag Jain, secretary, Department for Promotion of Industry and Internal Trade (DPIIT), stressed the importance of having a “very” properly designed ecosystem for redressal of customer complaints. IPPB was incorporated on August 17, 2016 as a Public Limited Company under the Companies Act, 2013 under the Department of Posts with 100 per cent equity of Government of India.