Meanwhile, Prime Minister Narendra Modi also termed IPPB
as one of the biggest reforms and said that it now joins the list of transformative initiatives such as GST, Aadhar, Digital India among others.
The government owns 100 per cent in IPPB
, which has been set up under the aegis of the Department of Posts, and will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.
The launch of India Post Payments Bank (IPPB
) was recently rescheduled in the wake of seven-day national mourning declared after the demise of former Prime Minister Atal Bihari Vajpayee.
Last week, IPPB
CEO Suresh Shetty said that the bank will go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 postmen both in rural and urban area will provide doorstep banking services.
Highlighting the facilities being offered by IPPB
, he said, "This facility will offer a range of services such as savings and current accounts, remittances, money transfer, direct benefit transfers, utility payments, enterprise and merchant payments.
CEO, Suresh Shetty, said that the bank would go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 postmen both in rural and urban areas will provide doorstep banking services.
The government-backed IPPB
services will be available at 650 IPPB
branches and 3250 Access Points from 1st September 2018.
India Post has plans to link all 155,000 post office branches with IPPB
The Ministry of Communications, in an official statement claimed that once the proposed expansion is completed, IPPB
will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with the ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS).
Summary: New Delhi [India], Feb 10 (ANI): With the nationwide rollout of the India Post Payments Bank (IPPB
) Expansion Programme scheduled to begin in April this year, digital payments in post offices are expected to be enabled around the same time.
The Indian government has said that it is planning to roll out all 650 branches of India Post Payments Bank (IPPB
) by April, 2018.
VORTRAN IPPB[TM]-easy to use IPPB
w/o the capital equipment expense.