India Post Payments Bank Launched by Narendra Modi: Know Everything About Country's Largest Banking Network IPPB
IPPB with link to 1.55 lakh post offices (that’s nearly 2.5 times the bank network) will become the country's largest banking network by the end of this year.
New Delhi, Sep 1: Prime Minister Narendra Modi on Saturday launched the India Post Payments Bank or IPPB that will offer a range of facilities such as savings and current accounts, money transfer, direct benefit transfers and bill and utility payments at 1.55 lakh post offices across the country. The India Post Payments Bank or IPPB will be operational at its 650 branches and 3250 access points spread across the country.
All post offices spread across the country will be linked to the India Post Payments Bank by December 31, and provide baking facilities to rural areas. IPPB will leverage the vast network of the Department of Posts, which covers every corner of the country with more than 300,000 Postmen and Grameen Dak Sewaks, the Prime Minister's Office tweeted. Earlier this week, the government approved 80 per cent increase in spending for IPPB to Rs 1,435 crore.
IPPB will offer banking facilities across multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank’s state-of-the-art technology platform. It is a public sector company under the department of posts and ministry of communication. The government has 100 per cent equity in IPPB that will be governed by the Reserve Bank of India (RBI). Postmen will provide doorstep banking and financial services.
IPPB with link to 1.55 lakh post offices (that’s nearly 2.5 times the bank network) will become the country's largest banking network by the end of this year. It will work as an agent of Punjab National Bank and may offer third-party products. It can accept deposists upto Rs 1 lakh and can't give loans. 17 crore postal savings bank (PSB) accounts will be linked with IPPB.
IPPB started operations in January last year with two experimental branches, one at Raipur in Chhattisgarh and the other at Ranchi in Jharkhand.
(The above story first appeared on LatestLY on Sep 01, 2018 03:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).