Narendra Modi to launch India Post Payments Bank on 1 September; to leverage reach of 1.55 lakh post office branches
The payment bank will be used by the government to distribute NREGA wages, subsidies, pension etc
New Delhi: Prime Minister Narendra Modi on 1 September will launch the long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.
"The launch of India Post Payments Bank has been rescheduled for 1 September. The Prime Minister will launch," a senior government official told PTI.
The launch of India Post Payments Bank (IPPB) was recently rescheduled in the wake of seven-day national mourning declared after the demise of former Prime Minister Atal Bihari Vajpayee.
Prime Minister Narendra Modi was to launch IPPB on 21 August.
IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural areas.
"Government is trying to link all the 1.55 lakh post office branches with IPPB services by the end of this year," the official said.
This will create the country's largest banking network with direct presence at village level.
IPPB CEO Suresh Sethi had earlier said that IPPB will go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 postmen both in rural and urban areas will provide doorstep banking services.
IPPB has permission to link around 17-crore postal savings bank (PSB) accounts with its account.
With IPPB in place, people in rural area will be able to avail digital banking and financial services, including money transfer, to any bank account either with help of mobile app or by visiting a post office.
IPPB was the third entity to receive payments bank permit after Airtel and Paytm. Payments banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses.
The postal payment bank has permit to carry RTGS, NEFT, IMPS transaction that will enable IPPB customers to transfer and receive money from any bank account.
With the third party tie-ups, account holders in IPPB will be able to avail financial services as in case of a regular banking customer.
The payment bank will be used by the government to distribute NREGA wages, subsidies, pension etc.
The IPPB app which is expected to be launched on same day will enable customers to pay for services of around 100 firms including phone recharges and bill, electricity bill, DTH service, college fees etc that are present on Bharat Bill payments system of National Payments Corporation of India.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Postal dept to spin off life insurance business into separate unit, says communications minister Manoj Sinha
The postal department plans to spin off the postal life insurance and rural postal life insurance operations into a separate business unit (SBU) for which it has moved a Cabinet note, Communications Minister Manoj Sinha said on Wednesday
India Post Payments Bank to offer loans, mutual funds and insurance policies through third party tie-ups
Prime Minister Narendra Modi on 21 August will launch India Post Payments Bank (IPPB) with 650 branches across the country, which will pave way for the largest banking network
Narendra Modi to launch India Post Payments Bank tomorrow; IPPB to leverage reach of 1.55 lakh post office branches
Prime Minister Narendra Modi will on Saturday launch the India Post Payments Bank (IPPB) that seeks to leverage the expansive network of the postal department to ensure financial inclusion for the masses