PUNE: The Department of Posts set up the India Post Payments Bank (IPPB) on Saturday at City Post Office. Prakash Javadekar, Minister of Human Resource Department, was present. Prime Minister Narendra Modi launched the facility across the country at 650 branches. Javadekar opened an account at an IPPB branch in the city.
IPPB will have 650 branches and approximately 1.55 lakh access points providing various digital payment services to the customers across the country.
Javadekar appreciated efforts of Department of Posts for financial inclusion. He particularly mentioned the benefits of Jan Suraksha Yojana, Mudra Yojana, Sukanya Samriddhi Yojana for commoners. He said banking the unbanked, insuring the uninsured, pension to unpensioned and employment to unemployed are the four pillars for overall development of the country.
“Difficulties faced by people in opening accounts at banks and conducting transaction in the rural areas will be solved with the launch of IPPB,” he said.
Pune Postmaster General Col SSH Rizvi said, “IPPB will offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments and enterprise and merchant payments. These products and related services will be offered across multiple channels (Doorstep banking, Counter Services, Micro ATM, Mobile Banking App, SMS and IVR), using a bank grade, cutting edge technology platform. Additionally, IPPB will partner with financial organisations to provide loans, investment and insurance products.”
Earlier, IPPB CEO Suresh Sethi said the bank will go live with 650 branches in addition to 3,250 access points co-located at post offices. Around 11,000 postmen both in rural and urban areas will provide doorstep banking services. The government is trying to link all 1.55 lakh post office branches with IPPB services by the end of this year. This will create the country’s largest banking network with direct presence at village level.
IPPB has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts. People in rural areas will be able to avail digital banking and financial services, including money transfer, to any bank account either with help of mobile app or by visiting a post office.