Government has allocated an amount of what amount to India Post Payments Bank for the financial year 2017-18 to help it in setting up 650 branches across country by September 2017.

2017

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

A	Rs 800 crore
B	Rs 200 crore
C	Rs 1, 000 crore
D	Rs 500 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: -India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.

Detailed explanation-3: -Speaking on the first floating financial literacy camp, Shri J Venkatramu, MD & CEO, India Post Payments Bank said, “Through Niveshak Didi, IPPB will attain next milestone surpassing the challenges faced by rural masses in terms of language and their basic understanding of financial products and services.

Detailed explanation-4: -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.

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