India Post Payments Bank incoporated

Speed Post News Network

New Delhi: The India Post Payments Bank (IPPB) Limited received the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs, on August 17, 2016, under the Companies Act 2013. This would be the first PSU under the Department of Posts.

This happened in the wake of PM Narendra Modi’s Independence Day address raising the expectations of the people from the soon to be set up India Post Payments Bank. With this move the Department of Posts has cleared an important milestone in its journey.  With the incorporation, the Board of the India Post Payments Bank Limited is likely to be constituted soon. The incorporation of the IPPB Ltd is a significant step forward as this also paves the way for the bank to begin hiring of banking professionals to set up the bank and begin its operations in 2017,said  a PIB release.

The Department of Posts is expected to complete the roll out of its branches all over the country by September 2017. This could be the fastest roll out for a bank anywhere in the world.