NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / India Post Payments Bank launched: Details here
    India Post Payments Bank launched: Details here
    Business

    India Post Payments Bank launched: Details here

    Written by Shiladitya Ray
    September 01, 2018 | 05:46 pm 2 min read
    India Post Payments Bank launched: Details here
    Credits

    On Saturday, at an event in New Delhi, Prime Minister Narendra Modi launched the India Post Payments Bank (IPPB) in a bid to boost banking services in rural areas, and promote further financial inclusion. The launch was initially scheduled for August 21, but was postponed following the death of former Prime Minister Atal Bihari Vajpayee. Here are the details.

    PM Modi tweets about the IPPB launch

    India Post Payments Bank offers several facilities and benefits common citizens. Here is my speech to mark its laun… https://t.co/HUYuzVSpKy

    — Narendra Modi (@narendramodi) September 1, 2018

    IPPB will leverage India's vast post office network

    As is evident from the name, the India Post Payments Bank will use India's massive post office network to provide financial services across the country, with a particular focus on rural areas. Postmen in rural and urban areas will provide doorstep financial services, while 1.55 lakh post offices will be linked with IPPB services by the end of 2018.

    IPPB to soon become India's largest banking network

    The IPPB will go live with 650 branches, and 3,250 access points co-located within post offices. 11,000 gramin dak sevaks in rural India, and postmen in urban India will provide doorstep financial services to IPPB's customers. Once the linking process with India's 1.55 lakh post offices has been completed, the IPPB will have India's largest banking network, and have direct presence in rural India.

    IPPB will offer a host of products and services

    IPPB will offer a wide range of products and services to its customers, including savings and current accounts, bill and utility payments, direct benefit transfers, as well as merchant payments. The bank has already received approval for facilitating NEFT, RTGS, and IMPS transactions, and the bank can also link around the 17 crore extant postal savings bank (PSB) accounts with its customers' respective accounts.

    Separately, what the IPPB mobile app will offer

    To ensure banking services on the go, IPPB will also launch a mobile app offering several banking services and bill and utility payment options. However, not all services on the app will be available till customers complete their KYC. Additionally, customers will not have to remember PINs, or account numbers to facilitate transactions - transactions can be done by scanning QR codes.

    IPPB builds on Jan Dhan Yojana for greater financial inclusion

    "IPPB will bring a change in India's economy. Our government made rural and poor people reach bank by Jan Dhan initiative earlier and now, with IPPB initiative we have made banks reach people's doorstep," said PM Modi during the launch.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Narendra Modi
    Atal Bihari Vajpayee
    India Post
    Immediate Payment Service

    Narendra Modi

    Jain monk Tarun Sagar dies, PM Modi remembers his contributions Madhya Pradesh
    PM Modi to inaugurate India Post Payments Bank tomorrow Indian Government
    BIMSTEC Summit: PM Modi holds 'productive talks' with Thai counterpart India
    In Delhi, 'Modicare' hits roadblock as Kejriwal wants his name Arvind Kejriwal

    Atal Bihari Vajpayee

    HRD Ministry introduces Atal ranking for institutions to promote innovation India
    BJP to launch MP poll campaign at 'Mahakumbh' next month India
    Manmohan Singh advises Modi against wiping out Nehru's legacy India
    Vajpayee's ashes immersed in Bay of Bengal in Chennai Tamil Nadu

    India Post

    This 'lazy' postman didn't deliver 6,000 letters Odisha
    Jio Payments Bank launched: Here's everything you should know Bharti Airtel
    Special cover on Stephen Hawking released by India Post Tata Institute of Fundamental Research
    Can homegrown MapmyIndia take on Google Maps in India? India

    Immediate Payment Service

    #AppStories: 5 apps for cryptocurrency trading in India India
    Is there really a five-day-long bank holiday coming up? India
    Bitcoin breaks $10,000-barrier: Know how you can invest in Bitcoin! India
    NEFT, RTGS, IMPS: Here's how to choose the best option India
    Next News Article

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023