A division , sometimes called a business sector or business unit ( segment ), is one of the parts into which a business , organization or company is divided.
6-694: India Post Payments Bank , abbreviated as IPPB , is a division of India Post that is under the ownership of the Department of Post , a department under the Ministry of Communications of the Government of India . Opened in 2018, as of March 2024, the bank has more than 9 crore customers. On 19 August 2015, the India Post received a licence to run a payments bank from the Reserve Bank of India . On 17 August 2016, it
12-615: The bank, with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018. Over ten thousand postmen have been roped into the first phase. By September 2020, the bank had acquired about 3.5 crore customers. The bank had acquired about 4 crore customers by December 2020. In January 2022, India Post Payments Bank has crossed 8 crore customers mark. IPPB aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewak s to provide doorstep banking services. IPPB offers savings accounts, money transfer and insurances through
18-425: The banking industry, an example would be East West Bancorp and its primary subsidiary, East West Bank . Subsidiaries are separate, distinct legal entities for the purposes of taxation , regulation and liability . For this reason, they differ from divisions, which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. The Houston Chronicle highlighted that
24-399: The creation of a division "is substantially easier than developing subsidiaries. Because a division is an internal segment of a company, not an entirely separate entity, business owners create and end divisions at their whim. Also, because individuals in each division are employed by the same company, it's easier to modify staffing to fit with this setup". This business-related article
30-420: The third parties, bill and utility payments. The bank also provides features like: IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts. Division (business) Divisions are distinct parts of a business. If these divisions are all part of the same company, then that company is legally responsible for all of the obligations and debts of the divisions. In
36-459: Was registered as a public limited government company for setting up a payments bank . IPPB is operating with the Department of Posts under the Ministry of Communications . The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi . In August 2018, the Union Cabinet approved the cost of ₹ 1,435 crore (US$ 170 million) for setting up the bank. The first phase of
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