India Post Payments Bank incorporated

The India Post Payments Bank Limited (IPPB) on Wednesday was became the first corporate entity under the Department of Posts with the receipt of certificate of incorporation from the registrar of companies.

With the incorporation under the Companies Act 2013 the Department of Posts has cleared an important milestone on the road to the creation of the first state-owned payments bank.

Coming a day after Prime Minister Narendra Modi's Independence Day address, the soon to be set up India Post Payments Bank will be a morale booster for postal employees and millions of postal savings account holders.

The department of posts is now expected to constitute a board of the India Post Payments Bank Limited, which in turn will lead to the hiring of key banking professionals.

''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,'' an official statement said.

''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,'' it added.

India Post Payments Bank aspires to become the most accessible bank in the world and emerge as a catalyst to social and financial inclusion, aided both by reach and the use of state-of-the art banking and payments technology.

''Coupled with the physical presence across 1.55 lakh post offices and the reach of the ubiquitous dakiya (postman) the India Post Payments Bank aims to become a powerful and effective vehicle of real financial inclusion in the country.

It is poised to create a national payments architecture riding on a modern payments platform and ubiquitous information and communication technologies that can be accessed by all users and service providers like never before,'' the statement added.