The IICA (Indian Institute of Corporate Affairs) and the IPPB (Indian Post Payments Bank) have signed a Memorandum of Understanding for the training of employees of the IIPB in the field of payments banking.
- Under this agreement, IICA has been entrusted with a key responsibility of capacity building of IPPB by providing training to the IPPB employees.
- Indian Post Payments Bank has a massive network of post offices throughout India which can be utilized to achieve financial inclusion in India.
- IPPB was a flagship initiative of the government for financial inclusion so as to strengthen the Indian economy by including the portion of the country’s population that is outside the ambit of formal banking.
IICA (Indian Institute of Corporate Affairs)
- IICA was registered as a society on 12th September 2008 under the Societies Registration Act 1860 to establish, manage and run the IICA. The IICA society is headed by the Minister of Corporate Affairs who is the ex-officio Chairman of the IICA society. Its primary objective is to act as think-tank to advise the government on various issues impacting corporate functioning including e-governance initiatives. It aims to provide special focus on ethical corporate governance, corporate social responsibility, inclusive growth and sustainable development with key emphasis on innovation and entrepreneurship in SMEs (Small and Medium Enterprises)
IPPB (Indian Post Payments Bank)
- Payments Banks are a new type of banks licensed by the RBI under section 22of the Banking Regulation Act 1949. A payment bank has to be registered as a public limited company under the Companies Act 2013.
- Indian Post Payments Bank was incorporated as a public sector company under the Department of Posts with 100% Government of India equity. It was launched on 12th January 2017. It played a major role n=in financial inclusion as India Post has about 1.5lakh post offices and 90% are I rural areas. The bank offers demand deposits such as savings and current accounts up to a balance of Rs 1 lakh, digitally enabled payments and remittance services of all kinds.
