Current Affairs

IPPB rolled out AePS Services

Current context: The India Post Payments Bank (IPPB) has announced that it has rolled out Aadhaar enabled payment system (AePS) services.
IPPB rolled out AePS Services 
  • The announcement has been made by the Union Minister for Communications and IT Ravi Shankar Prasad on the 1st anniversary of the IPPB.
  • The vision is to build a ‘Truly Inclusive Financial System’ and the most trusted, accessible and affordable bank for the common man in India.
  • IPPB with the launch of AePS services has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank.
  • Now, any common person can perform basic banking services such as cash withdrawals and balance enquiry, with a bank account linked to Aadhaar irrespective of the bank they hold their account with.
  • A customer who has an Aadhaar linked account can authenticate his/her identity with Aadhaar authentication & fingerprint scan, to complete a transaction.
  • India Post Payments Bank (IPPB) was established under the Department of Posts, Ministry of Communication.
  • IPPB’s 100% equity is owned by the Government of India.

Question: 

Q.1 Choose the correct statement about the India Post Payments Bank (IPPB)?
a. Only 90% equity is owned by the government of India
b. It provides Aadhaar enabled payment system (AePS) services
c. IPPB comes under the Ministry of Information & Broadcasting
d. a, b, c are correct
IPPB rolled out AePS Services IPPB rolled out AePS Services Reviewed by Neha on September 10, 2019 Rating: 5

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