Current Affair 1:

News:

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.

It was launched on September 01, 2018.

All services provided by IPPB:

Indian Post Payments Bank (IPPB) and traditional banks have some key differences:

Ownership and Structure:

IPPB is owned by India Post and is a part of the government. It focuses on providing banking services through the extensive network of post offices across India. Traditional banks, on the other hand, can be public sector, private sector, or foreign banks and operate under the regulations of the Reserve Bank of India (RBI).

Services Offered:

IPPB offers basic banking services like savings accounts, current accounts, and payment services. It aims to provide financial inclusion to rural and remote areas. Traditional banks typically offer a wider range of financial products including loans, credit cards, investment services, and wealth management.

Branch Network:

IPPB leverages the existing network of post offices, which are widespread across urban and rural areas, making banking accessible in remote locations.

Traditional banks have their own branches and ATMs, which might not be as extensive in rural areas compared to the IPPB network.

Regulatory Framework:

IPPB operates under the Department of Posts and is regulated by the RBI but has a different set of guidelines compared to traditional banks. Traditional banks are regulated directly by the RBI and must comply with a broader range of banking regulations.

Financial Products:

IPPB mainly focuses on deposits and payment services, with limited investment and loan products. Traditional banks offer a comprehensive range of financial products, including various types of loans, investment options, and specialized financial services.

In summary, while IPPB aims to enhance financial inclusion through its extensive post office network, traditional banks offer a broader spectrum of financial services and products.

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