(5) The Union Cabinet, on 2June 2016, cleared the proposalto set up India Post PaymentsBank (IPPB) with a corpusof Rs 800 crore and a planfor 650 branches operationalby September 2017. It will bescaled up further to cover theentire country by the end of2018-19. IPPB received thecertificate of incorporationfrom the Registrar of Companiesin August 2016.