India Post Payments Bank is working on striking synergies with the Post office Savings Bank

October 31, 2016
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The india Post Payments Bank is working on striking synergies with the Post office Savings Bank of the Department of Posts to make sure that its customers don’t look elsewhere for parking deposits exceeding ₹1 lakh.

In view of the regulatory restriction that a payments bank will hold a most balance of ₹1lakh per individual client, the india Post Payments Bank (IPPB) is progressing to create a mechanism whereby balances over this limit get mechanically transferred to the Post office Savings Bank (POSB). during this regard, the IPPB is closely examining a clause within the reserve bank of India’s payments bank pointers whereby it will accept an  of cash to be remitted to variety of accounts provided at the tip of the day the balance doesn’t exceed ₹1 hundred thousand.

The IPPB and the POSB apparently need to make sure that as way as possible the customer’s cash stays within the government-owned postal system. So, a client opening a savings bank account with IPPB are given the option to also open a linked POSB account. The IPPB has been set up under the Department of Posts (DoP) as a public limited company wholly owned by the govt. of india. The DoP received ‘in-principle’ rbi approval to set up payments bank in August 2015.

The POSB currently offers investment options, including savings bank account, recurring deposit account, time deposit, monthly income theme, senior voters savings theme, and public provident fund, to small investors. These services ar offered as an agency service for the Finance Ministry.

As per rbi pointers, payments banks will settle for demand deposits — current deposits and savings bank deposits from people, tiny businesses and alternative entities. {they will|they will|they’ll} neither settle for mounted deposits and NRI deposits nor can they furnish loans.

Source:thehindu

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