The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
The Chhattisgarh government has decided to set up model fair-price shops (FPS) in each district and encourage owners to act as banking correspondents for providing financial services. The state has around 12,300 fair-price shops across 33 districts. The state government is, however, encouraging FPS owners to provide a host of services besides acting as a banking correspondent.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
More than five lakh aspirants will take the exam on January 7 and 8, 2017.
He said while the previous UPA government hid the bad loans, his government has properly recognised them and brought tough laws to deal with defaults and recovery money.
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