As stated by a senior official, on August 21st Prime Minister Narendra Modi will finally be launching India Posts Payments Bank (IPPB) that will be having at least one branch in every region. Its prime focus will be to provide financial services in rural areas.
The senior official said that “PM has given time to launch IPPB on 21st Aug. Two branches are already in operations and 648 branches of the bank will be launched on the same day in every district of the country”.
The bank will reach to an extensive number of post offices in the district. The prime motive will be to provide financial and banking services to the people living in rural areas. The government will try to link all the post offices with IPPB services till the end of this year, the official said.
From the village level point of view, this step will make the largest banking network.
Considering IPPB CEO Suresh Sethi’s statement, he said that there will be 650 branches of the post office and 11,000 postmen will provide banking services both in the rural and urban areas.
IPPB has the permission to link approximately 17 crore Postal Savings Bank accounts.
For people living in rural areas, it is feasible for them to avail IPPB for financial and banking services. These services include money transfer (from one bank to another) either through the post office or mobile application.
The third entity after PayTM and Airtel for bank payments is IPPB. The bank can accept payment deposits up to Rs 1 lakh per account from small business and individuals.
The postal bank also permits its customers to transfer the amount through NEFT, IMPS, and RTGS. The customers can do transactions from one bank to another easily. The payment will be used by the government to distribute pensions, subsidies and NREGA wages.
The application for IPPB will also be launched on the same day, which will have services of approx 100 firms. These services will include phone bill and recharge, college fees, DTH services, electricity bill, etc. These are present in Bharat Bill payments system of National Payments Corporation of India.