Which of the following statements about the India Post Payments Bank (

Which of the following statements about the India Post Payments Bank (IPPB) is/are correct?

It has been incorporated as a Public Limited Company.
It started its operation by establishing two pilot branches at Hyderabad and Varanasi.

Select the correct answer using the code given below.

[amp_mcq option1=”1 only” option2=”2 only” option3=”Both 1 and 2″ option4=”Neither 1 nor 2″ correct=”option1″]

This question was previously asked in

UPSC CDS-1 – 2018

Statement 1 is correct: India Post Payments Bank (IPPB) is incorporated as a Public Limited Company under the Companies Act, 2013. It is wholly owned by the Department of Posts, Ministry of Communications, Government of India.

Statement 2 is incorrect: IPPB started its pilot operations on January 30, 2017, with two pilot branches at Raipur (Chhattisgarh) and Ranchi (Jharkhand).

IPPB was formally launched nationwide on September 1, 2018, with 650 branches and 3250 access points. It aims to provide accessible and affordable banking services to people across India, leveraging the vast network of the India Post. IPPB offers savings and current accounts, money transfers, direct benefit transfers, and bill payments, but it cannot offer loans or credit cards directly as per its license type (Payments Bank).

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