India Post Payments Bank unveils new digital cost app ‘DakPay’

The India Post Payments Bank (IPPB) together with Department of Posts (DoP) launched a digital cost software referred to as ‘DakPay’ on 15 December 2020, in an effort to offer Digital Financial inclusion on the final mile throughout India. The app was launched by Union Minister for Communications, Electronics & Information Technology and Law & Justice, Ravi Shankar Prasad.

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About the “DakPay” app

  • The app ‘DakPay’ will facilitate the purchasers of the DoP and IPPB in straightforward digital transactions and different banking and postal companies.
  • This revolutionary App will assist folks switch and obtain cash with ease and those that would not have smartphones may do cash transaction on this App with the help of postmen.
  • DakPay isn’t just a digital cost app however a collection of digital monetary and assisted banking companies supplied by India Post and IPPB by way of the trusted Postal community throughout the nation to cater to the monetary wants of assorted sections of the society.

Important takeaways for all aggressive exams:

  • MD and CEO of India Post Payments Bank (IPPB): J Venkatramu.
  • India Post Payments Bank (IPPB) was included as Payments Banking Company beneath Section 22 (1) of Banking Regulation Act, 1949.
  • India Post Payments Bank (IPPB) Headquarters: New Delhi.

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