Business

PM Modi Launches Country's Largest Banking Network-India Post Payments Bank (IPPB)

JAVED SAIFI | 0
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| September 1 , 2018 , 17:39 IST

In order to create country's largest banking network, Prime Minister Narendra Modi has launched India Post Payments Bank (IPPB) on Saturday. The much-awaited IPPB mechanism is aimed at providing financial services in the rural areas of the country.

At the launch, PM Modi has said, "Through India Post Payments Bank (IPPB) we will reach to every nook and corner of the country. Bank and banking services will be available at every person's doorstep."

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.

Starting with the launch of 3,250 access points, IPPB has spread its footprint and leveraging the vast postal network of nearly 1.55 lakh post offices and 3.0 lakh postal employees in every district, town and village in the country.

Also Read: PM Modi To Launch India Post Payments Bank On August 21, To Provide Rural Banking Connectivity 

With 650 Branches, IPPB will be a one-stop solution to provide instant account opening service at 10,000 plus doorstep service providers along with other benefits.

The vision of IPPB is to build the most accessible, affordable and trusted bank for the common man, to spearhead the financial inclusion agenda of the Government.

With the launch of IPPB, the number of rural branches in the country will increase from the current 49,000 to more than 1.75 lakhs.

Earlier this week, the cabinet had also approved a revised cost estimate for setting up of IPPB from Rs. 800 crores to Rs. 1,435 crore to connect all 1.55 lakh post offices by December 2018.

Incorporated as a Public Sector Bank under the Department of Posts with 100 percent GOI equity, IPPB is build to provide most accessible, affordable and trusted bank for the common man, removing the barriers for the unbanked and reduce the opportunity cost for the underbanked populace through assisted doorstep banking.