Incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, India Post Payment Bank has been launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year. So, second statement is incorrect. For now, IPPB offers Savings account up to a balance of ₹1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals.