PM Modi Launches India’s Post Payment Banking Services: The Country’s Proposed Largest Banking Network Will Provide Doorstep Service

PRIME Minister Narendra Modi on Saturday launch long –awaited India Post Payments Bank (IPPB) at a function in Delhi to ensure speedy financial inclusion for people across the country with the leverage of a vast network of the postal department. It will be under the Ministry of Communications with 100 per cent equity of government India and governed by the Reserve Bank of India. All the 1.55 lakh post offices across the country will be gradually connectected by the end of the current calendar Year.   The IPPB will have 650 branches and 3,250 access points across the country, said a government statement, Simultaneous launch events were also held at these branches and access points.”IPPB has been envisioned as an accessible, affordable and trusted bank for the common people to help speedily achieve the financial inclusion objectives of the Central government. It 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. IPPB will hence significantly augment the reach of the banking sector in India,” said the statement. All the 1, 55,000 post offices across the country will be linked to the IPPB system by December 31, 2018, said the statement.”The IPPB will offer a range of products such as savings and current accounts, 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 (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank’s state-of-the-art technology platform,” said the statement. PPB offers three types of savings accounts: regular savings.

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