Empowering MSMEs with News & Insights

India Post Payments Bank branches launched in Ranchi & Raipur

Updated: Jan 31, 2017 04:17:19am
image

India Post Payments Bank branches launched in Ranchi & Raipur

New Delhi, Jan 31 (KNN) The operations of the India Post Payments Bank (IPPB) have been launched in Ranchi and Raipur as two pilot branches.

Finance Minister, Arun Jaitley and Minister of Communications Manoj Sinha launched the operations through video conferencing from Delhi.

Speaking on the occasion, Jaitley said that about 650 IPPB branches will be opened by September this year and that will have a multiplier impact as far as banking in India is concerned.

He said with IPPB, banking at the doorstep will no longer remain a mere slogan, but will become a reality due to huge postal network in the country. He said that financial Inclusion is critical for the socio-economic development of the country, but there are significant gaps in this area and a large proportion of country’s population remain unbanked or underbanked.

IPPB will effectively leverage the ubiquitous post office network with its pan-India physical presence, long experience in cash handling and savings mobilization, backed by the ongoing project of IT-enablement, to bridge this gap in Financial Inclusion, he added.

In his address, Manoj Sinha said the Department of Posts and India Post Payments Bank and will work in tandem to take the benefits of government schemes and financial services that are not easily available in rural areas to customers across the country and to the marginalized population in urban and rural areas alike.

He said, the objective of IPPB will be public service rather than promoting commercial interests.

Secretary, Department of Posts, B.V.Sudhakar said that the IPPB is widely expected to be a game changer for financial inclusion in the country as the USP of this initiative is doorstep banking, particularly in the rural areas.

As mandated by the RBI, the India Post Payments Bank (IPPB) would focus on providing basic financial services such as all kinds of payments; including social security payments, utility bill payments, person to person remittances (both domestic and cross-border), current and savings accounts up to a balance of Rs 1 lac, distribution of insurance, mutual funds, pension products and acting as business correspondent to other banks for credit products especially in rural areas and among the underserved segments of the society.

Set up as a 100% Government of India owned Public Limited Company under the Department of Posts, it will open around 650 branches in district HQ locations. All 1.55 lacs post offices including the 1.39 lac of the rural post offices will be mapped to the IPPB branch at the district headquarter and function as access points for IPPB. IPPB will usher in state of the art internet and mobile banking platforms, digital wallets and use innovative and emerging technologies to catalyse the shift from a cash dominant to a less cash economy. (With PIB Inputs)

COMMENTS

    Be first to give your comments.

LEAVE A REPLY

Required fields are marked *