The Indian postal department is planning to start a bank to be tentatively called the .....

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Indian postal department is planning to start a bank to be tentatively called the ____

A	Postal bank of India
B	Central bank of India
C	State bank of Mysore
D	Canada bank

Explanation:

Detailed explanation-1: -Assertion-To expand banking services, the Indian Postal Department has started a new bank, called the Postal Bank of India.

Detailed explanation-2: -India Post Payments Bank (IPPB) was setup under the Department of Post, Ministry of Communication with 100% equity owned by Government of India.

Detailed explanation-3: -The post office offers a number of savings plans, including Recurring Deposit Account, Sukanya Samriddhi Account (SSA), National Savings Certificates (NSC), Kisan Vikas Patra (KVP), Public Provident Fund, Savings bank account, Monthly-income plans, Senior-citizens’ savings plans and Time deposit accounts.

Detailed explanation-4: -Because they do not perform bank’s essential function of lending.

There is 1 question to complete.