Daily News Analysis

Post Payments Bank

stylish_lining

Context: India Post Payments Bank enter into MoU with Hindustan Zinc to offer financial inclusion services to its CSR beneficiaries.

Significance of the MOU:

  • The collaboration will ensure in creating a lasting impact on the lives of community beneficiaries around Hindustan Zinc’s operational areas. 
  • The key services provided by the IPPB will ensure Financial Inclusion and ensure aid for opening bank accounts, access to pension products, long-term savings, and investment schemes.
  • It will further aid in providing support and Empowering 3.5 Lakhs+ beneficiaries covering SHG women, farmers, and youth to become Individual Business Correspondents for various IPPB services.
  • It will additionally promote government social welfare Schemes through the IPPB  banking channels and assisting beneficiaries in availing income-generating loans through IPPB’s lending partners.
  • With this collaboration IPPB, a public limited company under the Department of Posts, reinforce its commitment to reach out to the last mile with best-in-class digital banking services.
  • The partnership also underscores Hindustan Zinc’s unwavering commitment to its social responsibility, contributing to the sustainable development of the regions it operates in, and solidifies its reputation as a leader in driving positive change.

About India Post Payments Bank

  • India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
  • The IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
  • The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.
  • The IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device.
  • Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to more than 8 Crore customers across 5.57 lakh villages & towns in India.

About Hindustan Zinc

  • Hindustan Zinc, a Vedanta Group company in Zinc-Lead and Silver business is world’s 2nd largest integrated Zinc producer and 5th largest Silver producer.
  • The company governs about 80% of the growing Zinc market in India with its headquarters at Udaipur along with Zinc-Lead mines and smelting complexes spread across the state of Rajasthan.

President's Rule

The extension of President’s Rule in Manipur has brought to the fore the historical and controversial use of Article 356 of the Indian Constitution, shedding light on how its imposition disr
Share It

Beggars' Homes in India

In M.S. Patter v. State of NCT of Delhi, the Supreme Court (SC) held that state-run beggars’ homes are not merely penal institutions or charitable endeavors but are instead constitutional tr
Share It

Public Distribution System (PDS)

India's Public Distribution System (PDS) has long been a cornerstone of food security, ensuring access to subsidised cereals for millions of people. However, a recent Crisil study using the &l
Share It

Saudi-Pakistan Strategic Mutual Defense Agreement (SMDA)

The recent Saudi-Pakistan Strategic Mutual Defense Agreement (SMDA) represents a major shift in the geopolitical landscape of the Middle East and South Asia, with significant implications for Indi
Share It

Wassenaar Arrangement

The Wassenaar Arrangement is facing significant challenges in adapting its controls to the rapid growth of cloud technology. This issue highlights the need to update its control lists and enforcem
Share It

National Crime Records Bureau (NCRB)

The National Crime Records Bureau (NCRB) report for 2023 highlights a 9.2% increase in crimes against children in India, with 177,335 cases registered in total. This reflects a concerning rise in
Share It

Doctrine of Contributory Negligence

The Andhra Pradesh High Court recently made an important ruling regarding the doctrine of contributory negligence in criminal law. The court clarified that contributory negligence does not apply t
Share It

Perpetual Bonds

The Indian Renewable Energy Development Agency Ltd (IREDA) recently raised ₹453 crore at an interest rate of 7.70% per annum through its second issue of Perpetual Bonds. This move is part of the
Share It

Fake News

The Standing Committee on Communications and Information Technology in India has recently proposed several measures aimed at tackling the pervasive issue of fake news and misinformation, acknowled
Share It

Vembanad Lake

Vembanad Lake, the largest lake in Kerala, is facing significant ecological stress due to unchecked tourism, the proliferation of luxury houseboats, and decades of encroachment. About Vembanad
Share It

Newsletter Subscription


ACQ IAS
ACQ IAS