Government to leverage the reach and trust of Post Offices to offer doorstep banking to the unbanked, through India Post Payments Bank
Ministry of Communications
“Government to leverage the reach and trust of Post Offices to offer doorstep banking to the unbanked, through India Post Payments Bank”: Manoj Sinha
Posted On: 29 AUG 2018 3:07PM by PIB Delhi
Minister of State for Communications (Independent Charge), Shri Manoj Sinha today said that the launch of India Post Payments Bank (IPPB) will significantly augment the reach and impact of the banking sector in the country. Briefing the media here about the upcoming nation-wide launch of the IPPB by the Prime Minister on the 1st September, 2018, Shri Sinha said, the trusted Postman will now become a banker to millions of unbanked and under-banked Indians who have so far had no access to financial services. This launch will more than double the number of bank branches in the country – from the present 1.40 lakhs to more than 2.90 lakhs. Similarly, the number of rural branches in the country will increase from the current 49,000 to more than 1.75 lakhs.
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. It will leverage the vast network of the Department of Posts, which covers every corner of the country with more than 300,000 Postmen and Grameen Dak Sewaks. This will enable IPPB to bridge the last-mile gap in banking services.
Shri Sinha said, on the day of the launch, IPPB will have 650 Branches and 3250 Access Points spread across the country. The bank 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. These products, and related services, will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank’s state-of-the-art technology platform. All the 1.55 lakh Post Offices in the country will be linked to the IPPB system by December 31, 2018.
IPPB has built a strong integrated model with the Department of Posts (DoP), under which Post Office Savings Bank (POSB) account holders will be able to avail additional services provided by IPPB, by linking their accounts. Commenting on this, Shri A.N. Nanda, Secretary, DoP said – “The IPPB account will provide DoP customers with a complete bouquet of banking services which they have never experienced before.”
The Minister informed that the launch itself is slated to be a mega event. While the Prime Minister will be the Chief Guest at the nation-wide launch at the Talkatora Stadium in New Delhi, simultaneous launch events will be held at all 650 branches and 3250 access points of IPPB across the country. Senior dignitaries of the Central and State Governments will grace these events with their presence.
“The upcoming launch of the IPPB will be another significant milestone in our Government’s endeavour to take the benefits of a rapidly developing India to the remotest corners of our country, ensuring that the benefits of the Government’s flagship programs such as Digital India flow to the last citizen standing in the queue of development, and our dream of financial inclusion becomes a reality for all”, concluded Shri Sinha.