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73 COMPANIES KEEN TO PARTNER WITH INDIA POST PAYMENTS BANK (IPPB) - LOK SABHA

GOVERNMENT OF INDIA

MINISTRY OF COMMUNICATIONS

DEPARTMENT OF POSTS

LOK SABHA

STARRED QUESTION NO.400

TO BE ANSWERED ON 29TH MARCH, 2017

INDIA POST PAYMENTS BANK

400. SHRI PASHUPATI NATH SINGH:

SHRI NINONG ERING:

Will the Minister of COMMUNICATIONS be pleased to state:

(a) whether the Government has set up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department of Posts and if so, the details and the status thereof along with the benefits accrued/likely to be accrued therefrom;

(b) the number of IPPB branches opened so far, State/UT-wise along with the time by which branches of the said bank are likely to be opened in all the States;

(c) whether IPPB has installed ATMs and issued Debit Cards across the country and if so, the details thereof including the number of ATMs installed and Debit Cards issued, State/UT-wise; 

(d) whether many firms including global banking institutions like the World Bank have reportedly expressed interest for being associated with IPPB and if so, the details thereof and the action taken by the Government thereon; and

(e) whether IPPB has signed any Memorandum of Understanding with British lender Barclays regarding banking operations and if so, the details thereof?

ANSWER

THE MINISTER OF STATE (IC) OF THE MINISTRY OF COMMUNICATIONS &

MINISTER OF STATE IN THE MINISTRY OF RAILWAYS

(SHRI MANOJ SINHA)

(a) to (e) A Statement is laid on the Table of the House

STATEMENT TO BE LAID ON THE TABLE OF THE LOK SABHA IN RESPECT OF PARTS (a) TO

(e) OF LOK SABHA STARRED QUESTION NO.400 FOR 29TH MARCH, 2017 REGARDING

“INDIA POST PAYMENTS BANK ”.

(a) & (b) Yes Madam, Department of Posts (DoP) has set up India Post Payments Bank (IPPB) as a Public Limited Company on 17/08/2016 under the Companies Act 2013, to further the financial inclusion objectives of the Government. IPPB has launched operations in Raipur (Chattisgarh) and Ranchi (Jharkhand) with 8 access points on 30/01/2017. It is proposed to set up access points co-located with district level post offices in up to 650 districts with linkages to all the post offices throughout the country by September, 2017, subject to feasibility and fulfillment of regulatory requirements. Thus after complete roll-out, approximately, 1.55 lakh post offices will become access points for the IPPB.

(c) IPPB has not installed any ATM, as of now. IPPB has issued 1619 Debit Cards of which 832 Debit Cards have been issued in Jharkhand and 787 Debit Cards have been issued in Chattisgarh. However, the Department of Posts has installed 976 ATMs which are mostly located in the rural areas of India.

(d) Yes Madam, many companies have approached the Department of Posts for collaboration with India Post Payments Bank (IPPB) which include domestic and international financial entities in the field of banking, insurance, international money transfer, mutual funds etc. Some preliminary discussions had taken place with International Finance Corporation (World Bank); no formal proposal to this effect has been received. 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. A list of companies interested in partnering with India Post Payments Bank is attached at Annexure A.

(e) No Madam, IPPB has not signed any Memorandum of Understanding with Barclays