The gist of the presentation on IPPB by SG FNPO during the workshop.
2014- 15 Finance Minister in his budget-speech announced the idea of Postal Bank.
2015-2016 Finance Minister allowed seed capital of 500 crores.
In August 2016 IPPB was incorporated. In the last 3 years only twice the department had called the federation and gave a demo on IPPB. My Federation submitted a note raising doubts, but none of our doubts were clarified by the department so far. Now with a few hours demonstration on IPPB department has called for the views from the Federation. When the department has taken 3 years to design IPPB how is it possible for the Federation to give its views within few hours. An observation of the demo raises following points that need clarification by my Federation.
Why only 650 officers were selected for IPPB.
Why not all the sub-offices and head offices have the wings of payment
Bank. What is the reason for restriction.
Payment bank and existing savings bank activities need to be clearly
IPPB PA will get more pay than present PA how this difference is
When India post is able to run full Bank like Japan post office and German post office why India Post Payment Bank used Kanya Bank as our model.
When Government is downsizing the no of nationalized banks for operational convenience, how RBI gave permission to start new banks.
What is the guarantee that IPPB will not be merged with any other Public Sector Bank in future?
According to the clarification directors are framing the policies of IPPB then what is the role of Postal Service Board. The service conditions of the Officials on deputation from post office needs clarification. At present they are governed by CCS rules. For officials selected to IPPB it may create some issues in case of repatriation to parent department, what is the answer by the department.
Now coming to business how will we compete with Paytm and Airtel Payment Banks. IPPB is offering interest rate at 4.55% on deposits up to 25000, 5% for 25000 to 50000., And 5.5% for 50000 to 100000 whereas Airtel is offering 7.5% what is the plan to match it.
IPPB is aiming transaction through mobile banking. Reliance company captured almost all customers by providing free SIM cards what is the strategy to cover Rural banking.
In the presentation, it is mentioned that postman will carry our business to rural areas if so what is the incentive to the postman