Presently, the Reserve Bank of India s regulations bar payments banks from using their own funds for lending, but do not restrict them from selling other banks products. These banks are allowed to hold deposits of up to 200,000 rupees, in an account, but much of this has to be invested in government securities.
IPPB, India s state-owned payments bank, reported a net profit of Rs 20 crore in FY23, Venkatramu said, as compared with a loss of Rs 160 crore in the previous year.
The pandemic has precipitated digital transformation in all industries but especially in the BFSI (Banking, Financial Services and Insurance) space where the need to manage large volumes of data, expand services and ensure cyber security has made new technologies imperative. We pick a few leaders who are working towards building safer, faster and more efficient and equitable
FSS and India Post Payments Bank AePS Partnership Advances Financial Inclusion in India
Wednesday, January 13, 2021 3:44PM IST (10:14AM GMT)
New Delhi, Delhi, India:
FSS (Financial Software and Systems), a leading global payment processor and provider of integrated payment products, today announced partnering with
India Post Payments Bank (IPPB) to promote financial inclusion among underserved and unbanked segments. As part of the collaboration, IPPB will use FSS’ Aadhaar Enabled Payment System (AePS) to deliver interoperable and affordable doorstep banking services to customers across India.
FSS’ AePS solution combines the low-cost structure of a branchless business model, digital distribution, and micro-targeting that lowers acquisition costs and improves reach. This strategic partnership offers significant opportunities to bring millions of unbanked customers into the financial mainstream. Currently, th