CURRENT AFFAIRS

Detailed explanation-1: -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-2: -India currently has 6 Payment Banks namely, Airtel Payment Bank, India Post Payment Bank, Fino, Paytm Payment Bank, NSDL Payment Bank and Jio Payment Bank.

Detailed explanation-3: -Banks. Bharti Airtel launched India’s first payments bank named Airtel Payments Bank in March 2017.

Detailed explanation-4: -On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country.

Detailed explanation-5: -Airtel Payments Bank has been categorised as a scheduled bank by the Reserve Bank of India (RBI) in the second schedule of the Reserve Bank of India Act, 1934. With this, Airtel Payments Bank can now pitch for the government.