IPPB – PM to launch India Post Payments Bank on August 21

IPPB-Post Payments Bank
IPPB-Post Payments Bank

IPPB-Post Payments Bank  

To empower the people in India and access to digital banking and financial services with the mobile application or by visiting a post office, on August 21 Prime Minister Narendra Modi will launch the India Post Payments Bank (IPPB). As per the official authority, there will be at least one IPPB branch in each district. The IPPB has been set up under the Department of Post, Ministry of Communication with 100 percent value possessed by the Indian government.

"The Prime Minister has given time on August 21 to dispatch IPPB. Two branches of the bank are as of now operational. Rest of the 648 branches will be launched across all over the nation in each district. Government is attempting to connect all the 1.55 lakh post office branches with IPPB benefits before the current year's over," a senior authority of the Communications Ministry told PTI.

Last week, IPPB CEO Suresh Shetty said that the bank will run live with 650 branches in addition to 3,250 access points co-situated at post offices and around 11,000 postmen both in the rural area and urban area will give doorstep banking services.  IPPB has the authorization to connect almost 17 crore postal savings bank (PSB) accounts with its record according to Times of India.

The banks can receive deposits of up to Rs 1 lakh for each account from people and small businesses will be allowed to carry RTGS, NEFT and IMPS exchanges for cash transfer and receive money from any bank.

The payment bank will be utilized by the government to circulate MGNREGA wages, subsidies, pension benefits, and so forth.

Official Website Link: Click Here

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IPPB – PM to launch India Post Payments Bank on August 21 Reviewed by Techsmart18 on 8/14/2018 05:06:00 PM Rating: 5

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