• Union Cabinet has approved the setting up of India Post’s payments bank at a total project cost of Rs 800 crore.
• Highlights
• India Post Payment Bank (IPPB), which will generate employment 
• opportunities for about 3,500 skilled banking professionals, will set
• up 650 branches and 5,000 ATMs across the country.
• IPPB expects to break even by year seven of its operations.
• IPPB will start operations in March 2017 in about 50 districts and
• will cover the entire country by the end of FY 2018-19.
• Significance
• Extensive reach and spread of Indian postal system to blocks,
• taluks and villages ensuring last mile connectivity.
• Old setup, ease of access, years of trust and familiarity of rural people.
• Brick and mortar banks are unviable to setup in many of the remote areas.
• Helpful for migrants, labourers, MSME, poor household, enhancing access to financial services and promoting financial inclusion.
• Provision of debit facility.
• What are payment banks?
• •Payment banks are non-full service banks, whose main objective is to accelerate financial inclusion.
• •Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
• •They will not lend to customers and will have to deploy their funds in government papers and bank deposits.
• •They can accept demand deposit, issue ATM/debit cards but not credit cards.
• •The promoter’s minimum initial contribution to equity capital will have to be at least 40% for the first five years.
Next year prelims is scheduled to be on 18th June, 2017, less than 10 months away. 
Started preparation ?
Till last year Prelims Test Series was inaccessible to the aspirants with less time and money , we tried to help and shared all the tests of various coaching centers available online in pdf format. But the exam like environment while taking the test was missing for most of the aspirants , some are great students who were able to recreate the scenario by self imposed restrictions .
We have a solution this year .
Online Test Series By Xaam where you get 60 + tests + Tests Based on Previous Year Prelims Questions + Mock Tests of Various Prominent Coachings converted to Online Test Mode
All This @ Rs 600
Why Rs 600 , Because we have set a limit to what 1 test should cost at xaam , that is less than Rs 10 . As we will not cross the Upper barrier , we can go downwards and reduce the per test cost even further . Which we will do this year
60 Tests + More than 10 Previous Year Based Tests + More than 50 Tests of Various Institutes . You calculate the Cost 🙂
We have already Published One Test covering Current Affair of half July 2016.
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