The Union Cabinet has given its approval for revision of the project outlay for setting up of India Post Payments Bank (IPPB) from Rs. 800 crore to Rs......crore.

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

The Union Cabinet has given its approval for revision of the project outlay for setting up of India Post Payments Bank (IPPB) from Rs. 800 crore to Rs.____crore.

A	Rs. 2, 435 crore
B	Rs. 1, 735 crore
C	Rs. 2, 735 crore
D	Rs. 1, 435 crore

Explanation:

Detailed explanation-1: -The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the revision of project outlay for setting up of India Post Payments Bank (IPPB) from Rs. 1435 crore to Rs. 2255 crore as equity infusion to meet regulatory requirement.

Detailed explanation-2: -The Union Cabinet on Wednesday approved an additional funding of Rs 820 crore for India Post Payments Bank (IPPB) that will be utilised for expansion of its services to all post offices in the country.

Detailed explanation-3: -IPPB uses DoP’s giant network of 189, 000 GDS to deliver financial products and services at the convenience of the customers’ doorstep. Further, the trusted network of GDS offers handholding support to customers to bring low-and moderate-income (LMI) people into the fold of digital payments.

Detailed explanation-4: -India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India. IPPB was launched by the Hon’ble Prime Minister Shri Narendra Modi on September 1, 2018.

There is 1 question to complete.