Transactions at India Post Bank up over twofold since the start of pandemic
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Digital life certificate, which enables senior citizens to upload their proof of life for any pension scheme, instead of appearing in person before the authorities, is among several citizen services the payment bank introduced a few months ago.
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The payment bank, launched in 2018, is aiming to bolster its fee income by providing various customer-centric services through collaboration.
India Post Payments Bank (IPPB) has recorded an over twofold increase in transactions since the beginning of the pandemic last year, even as payments banks have in general been struggling to find a viable business model.
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RBI update: Salary, pension, EMI payment rules to change from Aug 1; check out details
RBI Governor Shaktikanta Das, during the credit policy review of June, had announced that customers would be able to avail the benefits of 24x7 RTGS, NACH on all days of the week, with effect from August 1 Customers will now be able to avail NACH services all seven days of the week BusinessToday.In
Updated Jul 25, 2021, 12:01 PM IST
Bank customers will no longer have to wait for a working day to do important transactions such as pension, salary transfers and EMI payments etc. This is because the Reserve Bank of India (RBI) has changed the rules of the National Automated Clearing House (NACH) which will come into effect from August 1, 2021.
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