From September 1, the Postman will become a banker to millions of unbanked and under-banked Indians who have so far had no access to financial service. Prime Minister Narendra Modi will launch on that day India Post Payments Bank (IPPB) that is lively to augment the reach and impact of the banking sector in the country.
IPPB will help in doubling the number of bank branches in the country – from the present 1.40 lakhs to more than 2.90 lakhs. Similarly, the number of rural branches in the country will increase from the current 49,000 to more than 1.75 lakhs, Minister of State for Communications (Independent Charge), Manoj Sinha said.
“The vision of IPPB is to build the most accessible, affordable and trusted bank for the common man, to spearhead the financial inclusion agenda of the 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. This will enable IPPB to bridge the last-mile gap in banking services,” he said.
. The bank 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. All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31, 2018.
IPPB has built a strong integrated model with the Department of Posts (DoP), under which Post Office Savings Bank (POSB) account holders will be able to avail additional services provided by IPPB, by linking their accounts. DoP secretary A N Nanda said that IPPB account will provide DoP customers with a complete bouquet of banking services which they have never experienced before.