India Post Payments Bank launched, PM Narendra Modi says it will ensure doorstep
Prime Minister Narendra Modi today launched India Post Payments Bank (IPPB) in New Delhi. IPPB will have 650 branches and 3250 access points across the country.
"Through India Post Payments Bank (IPPB) we will reach to every nook and corner of the country. Bank & banking services will be available at every person's doorstep," Modi said at the launch.
All 1.55 lakh post offices in the country will be linked to the IPPB system by December 31.
"When the country moves in the right direction then positive results can be seen. The youth of today, the power of women, farmers, and entrepreneurs - It is their hard work that we can credit our success to," Modi said.
IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, 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 a government 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," the statement added.
multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank's state-of-the-art technology platform," the statement added.