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Economy - UPSC 2019 > India Post Payment Bank > Flashcards

India Post Payment Bank Flashcards

1
Q

When did Prime Minister launch IPPB ?

A

1st September

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2
Q

What does IPPB offer ?

A

Doorstep banking

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3
Q

How many post offices in India will become banking points ?

A

1.5 Lakhs

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4
Q

How many postmen will be under going training to become bankers ?

A

3 Lakhs

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5
Q

What is the government’s budget for the bank ?

A

14 Billion ruppees

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6
Q

How many existing savings accounts will likely be linked to payment bank ?

A

170 million

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7
Q

How many branches are already in operation ?

A

650

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8
Q

How much government equity is there in IPPB ?

A

100% Equity

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9
Q

Which department does IPPB come under ?

A

Department of posts

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10
Q

Who governs this ?

A

RBI

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11
Q

When did IPPB start operations ?

A

January 2017

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12
Q

Where were the first two pilot branches

A

Jaipur

Ranchi

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13
Q

Upto what amount can IPPB accept deposits from the customer ?

A

1 lakh ruppees

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14
Q

Can IPPB issue loans and credit cards ?

A

No

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15
Q

How many types of saving accounts can IPPB offer ?

A

3

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16
Q

What are the three types of saving accounts IPPB can offer ?

A

Regular
Digital
Basic

17
Q

What is the interest rate in IPPB bank savings account ?

A

4% per annum

18
Q

What will be the charge of doorstep banking facility ?

A

15-35 ruppees

19
Q

What is the limit for doorstep banking ?

A

10 thousand ruppes

20
Q

What are some other payment banks that have started operations ?

A
  1. Airtel Payments Bank
  2. Paytm Payments Bank
  3. Fino Payments Bank
21
Q

What are some of the products it will offer ?

A

Money Transfer
Bill & Utility Payments
Direct Benefit Transfer

22
Q

What channels does IPPB offer services through ?

A
  1. Counter Services
  2. Micro-ATM
  3. Mobile Banking APP
  4. SMS
  5. IVR
23
Q

What is the full form of IVR ?

A

Interactive Voice Response

24
Q

What are some third-party financial services that it can provide ?

A

Insurance
Credit Cards
Pension

25
Q

Does it offer ATM Debit card ?

26
Q

What does it offer in place of ATM Debit Card ?

A

QR Code Based Biometric Card

27
Q

What information does this Biometric Card have ?

A

Bank Account Number

28
Q

What is the advantage of this Biometric Card ?

A

No need to remember password

29
Q

What are some of the challenges faced by IPPB due to the health of the Post office ?

A
  1. Limited Manpower
  2. Limited Accessibility
  3. Competition with Private Companies
30
Q

What are some technical challenges faced by IPPB ?

A

Customer’s fingerprints must match UIDIA for each transaction

31
Q

What did the UIDIA tell the Supreme Court regarding biometric matching ?

A

It can’t ensure 100% matching

32
Q

What are the main advantages of IPPB ?

A
  1. Financial inclusiveness of rural areas

2. Take Banking to doorstep

Economy - UPSC 2019 (33 decks)

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