Shri Narendra Modi officially launched the India Post Payment Bank today. The new ecosystem within the Postal service would take banking to doorsteps. A huge network of the post offices, more than 3 lakh postmen and Gramin Dak Sewaks would prove leverage to this offering from the government.
Initially, the bank won’t issue any credit or loan instruments and will work as a normal bank but on a smaller scale. IPPB will accept deposits up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
Every customer is important, every transaction significant
and every deposit valuable.’
Be it receiving your money in the fastest way possible using it at ease for essentials; saving for your loved ones or even investing for a bright future
IPPB would be available through 650 branches and 3250 access points and would offer products and services through multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response. Also, the government would have a 100 per cent stake in the new entity.
Aadhaar would be used to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks with smartphones and biometric devices will handle transactions. The savings account will offer 4 per cent interest annually. PNB and Bajaj Allianz Life insurance will team up for third-party loans and insurance.
Government is planning to put forward an additional hike of 80 per cent in IPPB to compete against Airtel Payments Bank and PayTM Payments banks. They would also scale up the service to all 1.55 Lakh post offices by December 2018.
Source: Narendra Modi Official Website
Check more detail on the official website.