New Delhi, Sep 1: Prime Minister Narendra Modi on Saturday launched the India Post Payments Bank (IPPB) that seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses.
With the launch at an event organised at Talkatora Stadium, the IPPB will have 650 branches and 3,250 access points across the country.
Commenting on the launch of IPPB, the prime minister said that in order to make sure rural and illiterate people can open an account easily, the process for IPPB account opening has been kept very simple.
"Through India Post Payments Bank (IPPB) we will reach to every nook & corner of the country. Bank & banking services will be available at every person's doorstep," PM Narendra Modi said.
The payments bank, where the Indian government holds 100 per cent equity, will leverage the vast network of the Department of Posts (DoP) that has more than three lakh postmen and Grameen Dak Sewaks. All the 1.55 lakh post offices in the country will be linked to the IPPB system by December 31, 2018. IPPB will, hence, significantly augment the reach of the banking sector in India.
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.
Also Read What is India Post Payments Bank?
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.