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

JAVED SAIFI | 0
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| August 5 , 2018 , 17:26 IST

Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on August 21 which is aimed to provide financial services in the rural areas of the country, media reported on Sunday.

“The Prime Minister has given time on 21 August 21 to launch IPPB. Two branches of the bank are already operational. Rest of the 648 branches will be launched across the country in every district,” a senior official of the communications ministry told PTI.

IPPB has the permission to link around 17 crore postal savings bank account with its account.

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Starting with the launch of 3,250 access points, IPPB will be spreading 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.

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.

Incorporated as a Public Sector Bank under the Department of Posts with 100 percent GOI equity, IPPB was launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year.

Aadhaar based Direct Benefit Transfer (DBT), Simple and secure transaction with multilingual customer support are among the benefits of IPPB.