New Delhi: India Post Payments Bank (IPPB) on Monday kicked off its operations by rolling out pilot services in Raipur and Ranchi. The bank will offer an interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000, its chief executive officer A.P. Telecom minister Manoj Sinha said that IPPB plans to have 650 branches across the country by September 2017. India Post Payments Bank is the third entity to receive payments bank permit after Airtel and Paytm. Cholamandalam Investment and Finance Company Ltd (Chola) also decided to withdraw its plans to set up a payments bank.

Source: Mint January 30, 2017 14:37 UTC