Consider the following about Indian Post Payments Bank IPPB It will be a public private venture part...........

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Consider the following about Indian Post Payments Bank (IPPB).

It will be a public-private venture partially owned by the Government of India via the Department of Posts (DoP).
It will focus on low-cost, low-risk, technology led solutions to extend access to formal banking.
All post offices across the country will function as customer access points for IPPB.

Select the correct answer using the codes below.

1 and 2 only

2 and 3 only

3 only

1 only

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Explanation:

Statement 1: It will be 100% owned by the Government of India via DoP, and will have an independent board of directors with representation from DoP and other stakeholders from within the Government of India to ensure strategic alignment with the overall objectives of the DoP and the Government of India.

Statement 3: IPPB is slated to have 650 branches at district headquarters and each branch would act as an access point.

Statement 3: A Payments Bank is a “differentiated bank” to further financial inclusion for the underserved population by providing (i) current and savings accounts and (ii) payments or remittance services to migrant labour workforce, low income households, small businesses, unorganized sector entities and other users.

This is to be done by enabling high volume-low value transactions in deposits and payments or remittance services in a secure technology-driven environment.