INSUBCONTINENT EXCLUSIVE:
IPPB also has permission to link around 17-crore postal savings bank (PSB) accounts with its own set up.New Delhi: Prime Minister Narendra
Modi on Saturday launched the payments bank of Indian postal department that will take banking to doorstep of every citizen through an
unmatched network of post offices and almost 3 lakh postmen and 'Grameen Dak Sewaks'
India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk
about India Post Payments Bank:1
The payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking
The government owns 100 per cent in IPPB, which has been set up under the aegis of the Department of Posts, and will offer products and
services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.5
IPPB will leverage tech platforms
It will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments
IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and
The Cabinet, earlier this week, approved an 80 per cent hike in spending on IPPB to Rs 1,435 crore - arming it with additional ammo to
IPPB services will be available at 650 branches and 3,250 access points from today but will be quickly scaled to all 1.55 lakh post offices
IPPB also has permission to link around 17-crore postal savings bank accounts with its own set up.
