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International Journal of Trend in International Journal of Trend in Scientific Research and Development (IJTSRD)Research and Development (IJTSRD)
International Open Access JournalInternational Open Access Journal | www.ijtsrd.comwww.ijtsrd.com

ISSN No: 2456 ISSN No: 2456 - 6470 | Conference Issue – ICDEBIICDEBI-2018

INTERNATIONAL CONINTERNATIONAL CONFERENCE ON DIGITAL ECONOMY AND FERENCE ON DIGITAL ECONOMY AND

ITS IMPACT ON BUSINESS AND INDUSTRYTS IMPACT ON BUSINESS AND INDUSTRYTS IMPACT ON BUSINESS AND INDUSTRY

Organised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, Sangli

An Empirical Study An Empirical Study of IPPB with Reference ith Reference to its

Vision Vision and Mission Statement

1
2
Mr. Bharat NagargojeMr. Bharat Nagargoje Mrs. Saba A.S.
,
1
Assistant Professor, Indira College of Commerce &Indira College of Commerce & Science, Tathewade, Pune, MaharashtraMaharashtra, India
2
Assistant ProfessorAssistant Professor, VPIMSR, Sangli, Maharashtra, India
Affiliated to Shivaji University, KolhapurAffiliated to Shivaji University, Kolhapur, Maharashtra, India

ABSTRACT INTRODUCTION
On 19 August 2015 RBI has issued the license to On 19 August 2015 RBI has issued the license to In September 2013, the Reserve Bank of India In September 2013, the Reserve Bank of India
India Post to run a payments bank. On 17 August India Post to run a payments bank. On 17 August constituted a committee headed by Dr.constituted a committee headed by Dr. Nachiket Mor
2016, IPPB was registered as a public limited 2016, IPPB was registered as a public limited to study 'Comprehensive financial services for small to study 'Comprehensive financial services for small
government company for setting up a payments bank. government company for setting up a payments bank. businesses and low income households'. The objective me households'. The objective
India Post Payments Bank (IPPB) was setup under the India Post Payments Bank (IPPB) was setup under the of the committee was to propose measures for of the committee was to propose measures for
Department of Posts, Ministry of Communication Department of Posts, Ministry of Communication achieving financial inclusion and increased access to achieving financial inclusion and increased access to
with 100% equity owned by Government of India. On uity owned by Government of India. On financial services. The committee submitted its report financial services. The committee submitted its report
17th August 2016 it has been registered as a public 17th August 2016 it has been registered as a public to RBI in January 2014. One of the key suggestions of to RBI in January 2014. One of the key suggestions of
limited government company. There are 155,015 post limited government company. There are 155,015 post the committee was to introduce specialized banks or to introduce specialized banks or
offices and 400,000 postal service workers who are offices and 400,000 postal service workers who are ‘payments bank’ to cater to the lower income groups ‘payments bank’ to cater to the lower income groups
going to provide house to house banking services. The going to provide house to house banking services. The and small businesses so that by January 1, 2016 each and small businesses so that by January 1, 2016 each
Pilot project was launched in Ranchi (Jharkhand) and ect was launched in Ranchi (Jharkhand) and Indian resident can have a global bank account.Indian resident can have a global bank account.
Raipur (Chhattisgarh) on 30 January 2017. IPPB will Raipur (Chhattisgarh) on 30 January 2017. IPPB will
expand in phases across India covering all post expand in phases across India covering all post Payment bank is the new type of bank which has been Payment bank is the new type of bank which has been
offices, offices, through through a a network network of of IPPB IPPB approved by the RBI and the Government of India. RBI and the Government of India.
branches/controlling offices, working on a hub and branches/controlling offices, working on a hub and Reserve Bank of India gave its inReserve Bank of India gave its in-principle approval
spoke model. The first phase nationwide inauguration e nationwide inauguration for the new kind of banks called as Payments Bank. for the new kind of banks called as Payments Bank.
happened on September 1, 2018 with 650 branches happened on September 1, 2018 with 650 branches There are 6 banks which received such license. There are 6 banks which received such license.
and 3250 post offices as access points. C
Currently four banks out of six are caring their urrently four banks out of six are caring their
transactions. The A payments bank is the small yments bank is the small
The IPPB has the vision of ‘Building the most The IPPB has the vision of ‘Building the most version of the existing banks with the deposit limit of version of the existing banks with the deposit limit of
accessible, affordable and trusted bank for the accessible, affordable and trusted bank for the Rs. 1 lakh. These banks are not allowed to issue the Rs. 1 lakh. These banks are not allowed to issue the
common man.’ and the mission is ‘Spearheading common man.’ and the mission is ‘Spearheading cheque book facility to the customers. The payment cheque book facility to the customers. The payment
financial inclusion by removing barriers and reducing inancial inclusion by removing barriers and reducing bank can’t advance loans or credit to its customers. bank can’t advance loans or credit to its customers.
costs for accessing banking services.’ This paper is costs for accessing banking services.’ This paper is The bank can offer the facilities like remittance of r the facilities like remittance of
intended to analyze the policies of IPPB to check its intended to analyze the policies of IPPB to check its funds, Internet banking, bill payments, recharges and funds, Internet banking, bill payments, recharges and
alignment with the abovementioned mission and alignment with the abovementioned mission and other banking facility except the loans and advances.other banking facility except the loans and advances.
vision of the bank.
The main objective of payments bank is the spread of he main objective of payments bank is the spread of
T
KEYWORDS: Payment Bank, Digitization, Indian Digitization, Indian payment and financial services to small business, lowpayment and financial services to small business, low-
Economy, India Post, Doorstep Banking, QR CardEconomy, India Post, Doorstep Banking, QR Card income households, and migrant labour workforce me households, and migrant labour workforce
w
with the help of the technology and internet. The ith the help of the technology and internet. The
p
payment bank enables to increase the level of use of ayment bank enables to increase the level of use of
f financial services to the remote areas of the country.inancial services to the remote areas of the country.

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