INSUBCONTINENT EXCLUSIVE:
The payments bank offers two types of zero balance savings accounts at present: regular and basic.The government on Monday announced the
rollout of Aadhaar Enabled Payment System (AePS) Services by India Post Payments Bank (IPPB)
With the launch of AePS services, the India Post Payments Bank has now become the largest platform in the country for providing
interoperable banking services to the customers of any bank, it said in a press release
AePS is a financial inclusion-focused payments system aimed at enabling bank customers to make digital transactions through an Aadhaar-based
The move will provide a boost to government's efforts in expanding access to financial services for underbanked customers, the release
noted."With IPPB's AePS Services, we now have the ability to provide Interoperable Doorstep banking services to customers of any bank
including the 34 crore Jan Dhan account holders, by leveraging the unprecedented last mile reach of IPPB," said Ravi Shankar Prasad,
minister for communications, electronics - IT.With AePS services, a person with a bank account linked to Aadhaar can avail basic banking
available across more than 136,000 Post Offices and delivered by over 195,000 postmen and Grameen Dak Sevaks (GDS)
The ability of the postmen and GDS to reach every village on an almost daily basis has brought down the distance to access banking services
to '0 kms', truly capturing the essence of Aapka Bank, Aapke Dwaar," said Suresh Sethi, managing director - CEO, India Post Payments
Bank.The government had last year in September launched IPPB with an aim to take banking to citizens through the vast network of post
offices, postmen and grameen dak sewaks
The payments bank, which is operated by Department of Posts, offers two types of zero balance savings accounts at present: regular and
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